Credit Reports and Civil Judgments

On July 1, 2017 the major credit bureaus will be implementing some new verification standards when it comes to your credit report and how civil judgments and tax liens are verified.  For a very long time a major complaint from Credit scoreconsumers has been that information, bad information, that is not there’s appears on their credit report.  So instead of that high 700 credit score they have something in the low 600’s because of civil judgment that appears on their credit report however it’s  not theirs. Because of that they may not get that new car; or that low mortgage rate they were hoping to get.  Maybe because of the low score and the loan terms that go with less than perfect credit the person decides not to buy that car or the new home.  Bad information on credit reports not only affects the person whose credit report has the erroneous information but also affects the economy.

Having good credit is an important part of part of the mortgage process so it can be devastiting to potential buyers if they find out they have these negative items.  And anyone who has ever disputed items on a credit report knows it’s never easy to get something removed from your credit report.  Sometimes you have to request multiple times and dig up tons of paperwork to show that the civil judgement or tax lien is not yours.  Below are the two main areas that credit reporting agencies will be updating when it comes to civil judgments and tax liens.

Per the CDIA:

• A minimum of consumer personal identifying information (PII): (1) Name,
(2) address, and (3) SSN and/or date of birth.

• A minimum frequency of courthouse visits to obtain newly filed and updated public
records of at least every 90 days.