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Credit Score Changes for 2017

Frequent Contributor

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.

Message 2 of 100
99 REPLIES
Regular Contributor

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
Message 1 of 100
Super Contributor

Re: Credit Score Changes for 2017

Appreciate the information!
Starting Score: 829
Current Score: 830
Goal Score: 850


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Message 3 of 100
Established Contributor

Re: Credit Score Changes for 2017

Message 4 of 100
Established Contributor

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?

Venture: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV:  $2.5K | Cabela's: $1K


 Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726



Message 5 of 100
Established Contributor

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

Message 6 of 100
Valued Contributor

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
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 7 of 100
Established Contributor

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 TU8:847 EX8:850 (MyFico) - 2018-02-06
Message 8 of 100
Valued Member

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."

Message 9 of 100
Frequent Contributor

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

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