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Credit Score Boost This July For Many

Credit scores are a big deal.  Most people know that.  However, many people also turn a blind eye towards their credit score.  People can be afraid to look at their credit score for many reasons.  This is not a good practice.  Don’t wait until you absolutely need to know what your credit score is, like when you go to qualify to purchase or refinance a home. Remember, that time will keep on marching whether or not you are doing anything to help your score, so you might as well keep on top of it.

Get A Regular Check Up

Make sure you are checking your score regularly.  A Federal Trade Commission study showed that 1 in 4 people spots errors on the report. That is a huge number! That means that twenty-five percent of all credit reports have errors. Does yours?  Two areas that are the worst for being inaccurate are tax liens and civil judgments. Luckily there may be some help coming for people with issues in those two particular groups.

Tax Liens and Civil Judgements

That help will start on July 1st. Equifax, Experian, and TransUnion will automatically start excluding tax lien and civil judgment records from some credit reports on that date.  They will start excluding them if they are missing a person’s name, address, Social Security number, or date of birth. But if those tax and civil records do contain that key information, however, they will still remain on consumers credit reports.

Maybe A Deal Maker

For potential home loan borrowers with credit scores that are hovering on the qualification fence, this may be a deal maker. People that are just below the required FHA minimum score of 580 and get a 10 to 20 point increase may be able to qualify with this new credit score scrubbing .  This could help a lot of people be able to qualify for a home that hasn’t been able to in the past.  So if you are on the edge of that credit score, make sure to do yourself a favor and recheck your score.

As always, we are here to help with all your real estate and property management needs. It’s what we do!

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Kennewick, WA 99336

You can find out more by reading the full article here.

Posted by: everstar on June 30, 2017
Posted in: Uncategorized