Strap in: getting that house you’ve been looking at might get a whole lot easier.
Starting this month, all of the three major credit-reporting companies are delete more than 5 million tax liens from consumers’ credit reports and will no longer be adding new tax lien information.
What does that mean to you? Well, many financial experts believe that this significant change for consumers across the country could make a significant change to your credit report right away including making affected credit reports jump as high as 30 points within a week.
Credit reporting plays a significant role in whether or not people can obtain lending on the largest purchases Americans lives.
This reporting change could make a swing in the lending market. Last July, reporting was changed where companies removed nearly 100% of civil judgement data and about 50% of the tax lien data. Now they are clearing the rest. Experts suggest 11% of the general market will be impacted, and it is the lowest end market that will be impacted the most.
The economy should just continue to get better.
Read CNBC’s write up here