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Credit Report Changes To Help More People Qualify For Mortgages

Credit report changes to help more people qualify for mortgages

Your credit could see a boost.

Starting February, 2018 the nations credit reporting agencies will drop most civil judgment and tax lien data from consumer credit reports.  This will boost millions of credit scores around the country, helping many either qualify for a mortgage or get a better deal on their mortgage.   The reason for the change is that courts do not post social security numbers on a judgment so the validity cannot be properly confirmed.  This change is part of the National Consumer Assistance Plan.  Although Bamboo Mortgage is not a credit counselor per se, reading and understanding your credit report is a vital component of what we do.  One of my personal pet peeves is seeing somebody with a great credit profile have their credit destroyed over a small medical collection account. Often, the consumer does not even know their good doctor sent them to a collection agency!  Senator Merkley has in the past offered legislation which would have caused small medical collection accounts to be excluded from credit profiles only to have Republican legislatures shoot the plan down.  Oh well.  The lesson here is watch out for medical bills!

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