Because of improved standards for utilizing new and existing public records, the three major credit reporting companies will be deleting and excluding all tax liens from credit reports. That means consumers who’ve missed a tax payment will no longer be penalized for that when applying for loans.
This change went into effect on April 16th 2018 and is the result of a study by the Consumer Financial Protection Bureau that found problems with credit reporting and their recommended changes to help consumers.
What does this mean? The reporting agencies will remove any remaining tax lien data from consumer credit records.
Credit reporting and scores play a key role in most of our lives. Whether your report is affected or not, be sure to check your credit reports from all three bureaus to ensure the information is accurate.
If you have a tax lien or a judgement on your credit remaining at the end of this month, contact us and we can have it removed for you!