During the summer of 2017, there was a lot of hype surrounding new credit scoring standards from the three major credit reporting bureaus. The changes were implemented as part of a settlement agreement between TransUnion, Equifax, Experian, and 30 attorneys general. Then, as of July 1, 2017, all civil judgments and about half of all tax liens were removed from consumer credit reports. Why? It was determined that the credit bureaus seldom included enough identifying information to ensure these items were properly reported. Yet, the removal of these items from New York credit reports did little to improve consumer credit scores. However, there are other, more traditional ways that all New York consumers can pursue to improve their credit standing.
The Facts About Actual Improvement to Credit Scores After New Credit Scoring Rules Were Introduced
A lot of excitement surrounded the new credit scoring rules. Yet, only about 4% of consumers with civil judgments or tax liens on their credit reports experienced credit score increases. In addition, these credit score increases ranged from one to 15 points. So, it appears that few New York consumers benefitted from the new credit scoring rules introduced by the credit bureaus.
Most credit experts agree that most New York consumers didn’t get huge credit score boosts because of additional credit issues. Unfortunately, the new credit scoring rules didn’t affect negative credit report items such as late payments, charge-offs, or repossessions.
Yet, for consumers in New York plagued by these types of credit report issues, there is still hope for credit score improvement. In general, most credit score harming information falls off credit reports within 7-10 years. Then, in the meantime, consumers working toward credit repair can do other things to improve their credit scores. For example, they can get current with their bills and continue to make all payments on time. In addition, they can use credit responsibly and keep credit card balances at or below 30% of their spending limits.
Finally, all New York consumers who want better credit scores should regularly check their credit reports. This is the best way to ensure that identity theft damage or credit report errors don’t undermine your efforts to improve your credit score.
Why All New York Consumers Working Toward Better Credit Should Regularly Check their Credit Scores
Unfortunately, creditors and the credit bureaus frequently misreport consumer information, and their mistakes show up as errors on credit reports that often harm credit scores. So, it is extremely helpful when the major credit bureaus make changes for the better when it comes to credit reporting. However, even major credit reporting changes don’t always do a lot to significantly improve New York credit scores.
Again, the best ways for consumers in New York to improve credit scores include timely bill payments and responsible credit use. Then, they should check their credit reports to ensure that credit scores don’t drop because of identity theft damage or other types of credit report errors.
The Fair and Accurate Credit Reporting Act (FACTA) entitles all consumers to free annual copies of their credit reports from TransUnion, Equifax, and Experian. To access all three in one place, just go to www.annualcreditreport.com. Then, while reviewing your credit reports, if you spot signs of identity theft, file a police report immediately. Next, contact Credit Repair Lawyers of America in New York. Or, if you find that errors on your credit reports have brought your credit score down, give us a call right away.
Our team of in-house credit pros will get to work immediately with fixing your credit issues so you don’t have to deal with creditors or the credit bureaus on your own. In addition, you’ll get access to an experienced credit attorney. And this licensed professional will do whatever it takes to get you clean credit reports – for free.
The Free and Legal Way to Get Better Credit in New York
Don’t let identity theft damage or errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.
Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Carl Schwartz at (646) 859-3045 or sending him a message through our contact page.
For more information about Free Credit Repair, please visit https://creditrepairlawyersam.com/credit-repair-free/. Or, to learn more about Free Credit Repair After Identity Theft, Check Out https://creditrepairlawyersam.com/new-york/fix-id-theft/.
