Credit scores for millions of Americans may soon increase due to two major changes in credit scoring.
Starting July 1, the three major credit agencies — Experian, Equifax and TransUnion — are dropping certain negative information from credit reports, including tax liens and civil judgments.
According to FICO, out of the 200 million Americans with credit scores, 12 million consumers will see them increase in July. However, it may not be by much. FICO projects 11 million consumers will see a score increase of less than 20 points.
"It's good news for the consumer, clearly, because the credit score is used almost ubiquitously across the world of consumer finance, and lenders use it, insurance companies use it, credit carders use it," said John Ulzheimer, a credit specialist who has worked for Equifax and FICO.
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Positive Changes in Credit Scoring Coming July 2017