@masscredit wrote:Will these items automatically be removed from credit reports on July 1st or will we have to start subitting requests? I'd be very surprised if it happens smoothly.
It will probably be fine; they already tweaked their query in determining the impact.
Doubtful making requests will be necessary, especially as I don't have any way as an end consumer though to know whether the salient information is listed with the bureaus or not... it probably is knowing California, bleh.
@chayz wrote:Hi everyone, I have a simple question...Did some research on the specifics of the new rules due to take effect July 1st. It states...
All Data Furnishers
Report using the newly established minimum reporting requirements for consumer personally identifiable information:
This new minimum standard will apply to accounts reported with a Date Opened after 9/15/2017 in order for the CRAs to accept these records for processing.
Following the Metro 2® format, Furnishers must report:
- Full name (First Name, Middle Name or Middle Initial (if available), Last Name and Generation Code/ Suffix)
- Address
- Full Social Security Number
- Date of Birth (mmddyyyy)
Date changes must take effect 9/15/2017
These data reporting changes must be implemented in advance of the Effective Dates.I pulled the original filing of a State Tax Lein (paid 3 years ago) and it has a partially redacted SSN. So this information will eventually come pff per their new rules. My question is...Can I shoot off a delete letter now, using this as ammo and providing a copy of the original lien?? Would it be best to just wait for the automatic deletion? Not sure how to proceed...Help, advice, past experience would me much appreciated....
Wait. If you file a dispute they can and likely will check with the source of truth, and it may be updated not to your advantage (as happened to me with Transunion). We're talking a few more months, just wait imo.
@Anonymous wrote:Tax Liens are not an issue for me. I only ever had 1 real negative item on my credit report and that was a charge off from BOA that was more in part due to fradulent behavior on their part (part of a class action suit), and it was settled and paid in full, but sticking on my report until 2019, and this instance isn't going anywhere with these changes.
I am more interested in this part:
Trended Data To Play A Bigger Role
"Rather than just looking at certain variables at a point in time, the score will look at your trended history. "
I am more interested in knowing how this is going to play into the factoring. Even though these changes are involved with Vantage score models, I think it still wise to know how it plays out.
I have had balances on my cards before, but for quite a while now, I make PIF or larger than minimum payments. I guess the question is how this is really going to be evaluated. Most sources I find only really want to talk about the tax lien wipe.
From various sources I have read, there is also a mention of some change where they will punish people for having large credit lines, with the implication that because it is available that means you are more at risk because you could use it...but I think from what I have read on most of the forums here, is that people with these lines tend to have large lines so they never go over the 10% mark when they have to make a large purchase. It seems contradictory to me to punish those who get larger credit lines due to being responsible with their credit.
It's kind of impossible to say at this point. Until we can test it or see new reason codes, I'm not going to worry about it as it's a long time from adoption if ever when talking VS.
The whole request for trended data came out of the mortgage space: loan applicants were being punished for letting balances report that they were paying off every month, and then they had to pay them down and do this silly Rapid Rescore for $60 or whatever, blah blah, situation sucks, make it better. I'm extemporizing a little bit there but the interest was from the GSE's so it has serious weight.
My guess is it'll be used in scorecard segmentation, probably looking at the last six months of data. That's a SWAG.
As for large CL, that one's funny: this is VS 3 reason code -
3. Your largest credit limit on open bankcard or revolving acct is too low (max score 780ish), highest limit 22K at the time.
Consolidated two tradelines on Chase for a 43.5K CL, and it went away. Maybe gained like 7-8 points for it.