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06-29-2017 09:48 AM
All three credit bureaus will be mandated at remove from your record, 'by July 1, 2017', any civil judgment or tax lien that is not in compliance with the new Enhanced Public Record Standards. This means that any judgments or liens that do not include your name, social security number, address and birth date in full, will be removed by Transunion, Experian and Equifax within the coming days (as of this post). This should be an automatic removal and you should not have to do anything on your behalf. If these derogatory records do not include the identifying data, they will be removed by law.
Now according the to few articles I've read through, including a white paper from Transunion itself, this will only impact a around 9% of the population with a credit score. Only 9% of people with credit profiles have judgments and tax leins on their credit profiles. With that being said, if you are included in that 9% (like myself), you may see a slight bump in your scores from the three bureaus. Transunion predicts a score shift of 2.5% - 6.4% for folks having these records removed. According to Transunion, this means a +4 to +45 point jump in scores for those affected, depending you current credit score and profile. Not everyone will see major positive gains but everyone should see something from these records removals.
My next observation is whether or not that this mandate includes bankruptcy records. I've read several news articles including one from Yahoo! that stated that bankruptcy records are included in the mandate. Even the below linked white paper from Transunion states that the changes affect bankruptcy records. The problem is however, while most state and federal tax liens are not in compliance with these changes, most bankruptcy records are in compliance therefore, hardly any removals will occur. If you're are lucky and have a bankruptcy record on your files, you could see a removal. It's a slim chance though but still marginally possible.
Transunion White paper:
07-01-2017 03:49 AM
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Last Inq 08/2017
07-01-2017 09:50 AM - edited 07-01-2017 09:51 AM
The big day is here and I myself have no notifications of any changes as of yet. Anyone see or hear anything?
Someone posted earlier that it would be done on / by July 10th.
Not certain what the source of the article was, but it's a holiday weekend so I can see why the implementation date wasn't basically today.
07-01-2017 10:02 AM
I read an article that said "beginning on July 1st". Didn't sound like it would all happen today.
07-01-2017 12:56 PM
There was a trade article posted somewhere that stated the new rules go into effect July 1st but the actual removal of old judgements/liens would begin the week of the 10th.
07-01-2017 03:26 PM
I would still check with CK.
Had checks of both Experian (credit.com) and an Equifax balance update (I will be rebucketed and there will be a score change when it drops); still on both.
07-02-2017 01:34 PM
Liens are still on all three reports enen though date of birth and social security number are NOT on lien documents. Should I write someone about this? Does anyone have a template letter? Are these liens supposed to be removed from public view by the local juristiction where originally recorded?
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