cancel
Showing results for 
Search instead for 
Did you mean: 

Credit Score Changes for 2017

Established Member

Re: Credit Score Changes for 2017

curious to know the answer to masscredit question if anybody has that answer?
Established Contributor

Re: Credit Score Changes for 2017

OK, so I have a civil judgment in my files dating from July 2011 which had to do with late homeowners' association fees on the condo I owned at that time. I paid that judgment off in 2013 (ironically, I ended up having to surrender that condo when I declared Ch 7 BK the following year). Unless I'm mistaken, that judgment was originally supposed to age off my reports in July 2018, but with these new policies, I'm not sure what happens now - I understand the key criterion is whether the CRA's are able to verify the judgment or not, and if they're not, off it comes. On the one hand, there's not really that much longer (one year and a few months) to wait for the judgment to age off naturally, but on the other hand, having that ding removed from my reports would materially help my score this fall when I plan to resume the credit card hunt (I'm in a gardening phase at this time after my mini-spree this past month when I scored Discover It and Capital One unsecured as well as PenFed used-car loan).  Ideas?

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Moderator

Re: Credit Score Changes for 2017


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.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Established Member

Re: Credit Score Changes for 2017

What reason is given in the disputes that have had success getting judgements removed ?
New Member

Can I fire off a delete letter NOW for the new changes?

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....
Established Contributor

Credit bureau removal of negative trade lines

Recently national news did a story on the fico score going up for millions of consumers because of tax liens, judgements, etc. The media did not report on all the important facts. So after I did some checking here are the actual facts. Starting July 21 of 2017 the three major credit bureaus will remove negative accounts that do not belong to the consumer because of a common last name issue or a mistake. So there are three accurately points that have to be met, otherwise the credit bureaus will be removing the inaccurate information.

 

1.  Name of individual on credit report has to be spelled correctly.

2. The address must match. This can be the current address or the prior address is someone has moved

3. The date of birth or social security number has to match.

 

 

Moderator

Re: Can I fire off a delete letter NOW for the new changes?


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.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Contributor

Re: Credit Score Changes for 2017

I need some advice on whether it is worth trying to dispute. Husband has a federal tax lien, filed in 2011 for $39k. He is on an installment plan and it is paid down to $5k. He is eligible for the fresh start program which will withdrawal the lien, and we applied. They denied it saying he is out of compliance with filing. Turns out he didn't file a year, but I am working on the return and he will not owe for that year. Bottom line, the withdrawal is coming, but most likely still 3 months out.

Here's why I am considering disputing... we are planning on applying for a mortgage in the next month or so. Hubbys quarterly 3B refreshes at the end of this week and I anticipate he will just make the 620 magic number for mortgage scores. He does have a couple other baddies, but even 2 points from the lien may make or break the 620.

I have a copy of the lien from the courthouse and the address is old, SSN redacted and no birthdate, so under the new plan it should be removed in July. For those of you that disputed, did you do it online, in writing, on phone? And did you send a copy of the lien with the missing information? I saw where someone said they could go back to the source for the additional information and update it which could prevent the July deletion, but I'm not really worried about it because i can get it withdrawn by then anyways. What I do t want is for it to be updated to look more recent and drop his scores. I just am trying to decide if I can get a boost to the mortgage scores NOW if possible. I am also aware that I can't app for a mortgage while something is under dispute, and from what I read here it seems like it's not taking the full 30 days for the dispute so I'm hopeful. Maybe just dispute with EX and TU for now to try to get a good middle score?

So I guess my general questions are...
Is there ANY short term risk to mortgage scores if I dispute now?
Should I send a copy of the lien with the dispute or make them dig or decide it's not worth digging? What do I use for grounds for the dispute?

Sorry for the long post!
New Contributor

Re: Credit Score Changes for 2017

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.

 

 

 

https://www.forbes.com/sites/nickclements/2017/03/31/3-big-changes-to-credit-scores-that-will-impact...


Gardening Since 6/15/17: goal 2020

2016 FICO 642, March 2016 Vantage 602
Current: EX FICO 707, TU FICO 715, EF FICO 697, Vantage 801
Moderator

Re: Credit Score Changes for 2017


elish2 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.

 

 

 

https://www.forbes.com/sites/nickclements/2017/03/31/3-big-changes-to-credit-scores-that-will-impact...


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.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge