Credit Card Center Advertiser Disclosure

Reply
Frequent Contributor
Posts: 300
Registered: ‎09-03-2009

Credit Score Changes for 2017

Hi all,

 

I found this article On Yahoo finance today

 

 

         .As part of its National Consumer Assistance Plan (the result of a settlement brokered with 31 state attorneys general back in 2015), Equifax, Experian and TransUnion are planning to significantly reduce the amount of tax-lien and civil-judgment information found in consumer credit files.

Details have yet to be finalized, but "there will be less of that type of data in credit reports moving forward," Stuart K. Pratt, president and CEO of the Consumer Data Industry Association, a trade association that represents the credit bureaus, confirmed to Credit.com. Testing is currently underway and a final plan regarding the information is expected to be implemented in July 2017.

 

If you go on Yahoo finace there is a lot more on the info.

Regular Contributor
Posts: 183
Registered: ‎06-23-2014

Credit Bureaus to reduce number of Public Records reported.

Here is a article on some upcoming changes.

 

 

https://www.yahoo.com/finance/news/biggest-change-credit-reports-years-113026540.html



In the Garden until 6/1/2016
Mar 2014: All Scores in the 520 range.
FEB 2016: myFICO: EQ 660, TU 682 EX 681
Super Contributor
Posts: 8,863
Registered: ‎10-03-2008
0 Kudos

Re: Credit Score Changes for 2017

Appreciate the information!
Starting Score: 824
Current Score: 829
Goal Score: 850


Take the myFICO Fitness Challenge
Established Contributor
Posts: 1,033
Registered: ‎04-14-2016
0 Kudos

Re: Credit Score Changes for 2017

Established Contributor
Posts: 589
Registered: ‎05-11-2015
0 Kudos

Re: Credit Score Changes for 2017

So if I read correctly, it only effects the latest versions of the scores the CRA's create themselves?  So this won't effect anybody's FICO, only the Vantage scores?

My cards:

Amex BCE: $15K | Cap1 Venture: $15K | NFCU CR: $14.3K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | Discover IT: $5.4K | Sportsman's Guide: $5.1K | FNBO NRA: $5K | Legacy Visa: $2.75K | Elan Plat: $2.3K | Cap1 PS: 2K | Cabela's: $1K


Current Scores:  EQ:  718  |  TU:  727  |  EX:  717
Established Contributor
Posts: 1,033
Registered: ‎04-14-2016

Re: Credit Score Changes for 2017


Dalmus wrote:

So if I read correctly, it only effects the latest versions of the scores the CRA's create themselves?  So this won't effect anybody's FICO, only the Vantage scores?


What I read is that this will eliminate data from the report itself, regardless of scoring model.  So in theory that should improve things across ALL scoring models - Fico, Vantage, whatever

Valued Contributor
Posts: 2,134
Registered: ‎04-01-2015

Re: Credit Score Changes for 2017


TygerHawke wrote:

Dalmus wrote:

So if I read correctly, it only effects the latest versions of the scores the CRA's create themselves?  So this won't effect anybody's FICO, only the Vantage scores?


What I read is that this will eliminate data from the report itself, regardless of scoring model.  So in theory that should improve things across ALL scoring models - Fico, Vantage, whatever


It will potentially help those who have dirty files with tax liens holding their score down. A tax lien, if your file is otherwise clean, can be holding down score to the tune of 70 to 100 points. For those with clean files it has no scoring benefit. 

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........LN Auto 940 LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Established Contributor
Posts: 535
Registered: ‎03-27-2011

Re: Credit Score Changes for 2017


TygerHawke wrote:

Found it

 

http://finance.yahoo.com/news/biggest-change-credit-reports-years-113026540.html


I have some trouble taking an article like this seriously... when they manage to quote VantageScore changes, and talk about how that impacts FHA/VA/Conventional mortgages...  With specific numbers in each case.  It is absolutely meaningless to talk about 33.1% of consumers with a VantageScore of 601-620 bumping to 620-640, and because of that, qualifying for a mortgage. Pure drivel.

 

While these changes will certainly improve both VantageScore and FICO scoring for some people, the discussion of specific absolute numbers in that article is nonsense.

 

Also, not sure how much of a positive impact this will have anyway.  For mortgages, liens/judgements will get dug up anyway, even if they don't directly impact scores.  For other loans, I just see this change boosting the business of the smaller CRAs, as lenders seek out the information removed from the big three. (NCAP is just EX/EQ/TU, right?)

EQ8:850 TU8:835 EX8:850 (MyFico) - 2017-07-19
Valued Member
Posts: 32
Registered: ‎07-25-2015
0 Kudos

Re: Credit Score Changes for 2017

I read the same article as well. I called Transunion and they confirmed that it is legit. The agent told me that they are still working on implementing its quidelines and that they will contact me when the tax liens are removed from my file. This is likely part of the reason Experian no longer uses private vendors to "verify" public record information. Experian permanately deleted my tax liens from their files earlier this year after the agent explained that they can no longer "verify" them. The Experian rep even made light of the verification process since anyone can look up the information that private vendors supposedly "verifiy."

Frequent Contributor
Posts: 263
Registered: ‎11-06-2015

Re: Credit Score Changes for 2017

Thank you so much for posting.   I was googling more info and found this letter, it's interesting:

 

http://www.thenewspaper.com/rlc/docs/2016/creditletter.pdf

Latest: TU 711 Equi 706 Exp 693 12/15/16

Begin: Exp 526 TU 555 Equi 545 11/13/15

Cards: NFCU GoRewards 25K, Amex BCE 2K, Discover 1.7K , Cap1 QS1 5K , OS store card 4.2K. INQ 6 total over all 3

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.