Here are a few new developments that we are tracking:
- Consumers are about to benefit from changes afoot with credit reports (From WSJ [subscription] with hat tip to NGPF Team member, Sonia):
Many tax liens and civil judgments soon will be taken off people’s credit reports, the latest move to omit negative information from the powerful financial scorecards.
The decision by the three major credit-reporting firms— Equifax Inc., Experian PLC and TransUnion—could help boost credit scores for millions of U.S. consumers, but could pose risks for lenders. The reports and scores often help decide how much consumers can borrow for a new house or car as well as determine their credit-card spending limit.
- What complaints do consumers have with credit reports? According to the January 2017 monthly complaint report compiled by the CFPB…
“The most common issue raised by consumers concerns inaccurate information in credit reports, constituting 76 percent of complaints about credit reports. Other issues raised by consumers include problems with: investigations (9 percent); obtaining a report or score (7 percent); the use of a credit report (4 percent); and credit monitoring or identity protection (4 percent).”
- Thanks to Brian Page pointing out this link to an NBC News video describing an alternative credit scoring method that doesn’t require taking on debt.
Looking to make your credit score lesson engaging? Check out our popular credit score activities (one of our most popular blog posts!)