New Rules for Credit Reports to Help Millions

By Kelly on August 07, 2017//Leave a comment

Beginning July 1, the three major consumer reporting agencies, TransUnion, Experian, and Equifax, will make significant changes in the information they include in their consumer reports.


The agencies are using stricter criteria for including public records data in individual consumer’s reports. The new criteria requires that a social security number or date of birth appear in the public record for it to be included in a consumer’s report. This means that a large percentage, up to 50% potentially, of tax liens, civil judgments, and medical debt will stop appearing because these liens and judgments rarely include a social security number or date of birth.


The revised, stricter criteria is the result of lawsuit settlements between the attorney generals of 31 states and the three major consumer reporting agencies as well as a settlement between the New York Attorney General and the reporting agencies. The new criteria could have a positive impact on the reports of 11 to 12 million consumers. The typical increase for most affected consumers is estimated to be about 20 points.


For more information about your rights as a consumer, head to a full service Law Library location and ask to use the National Consumer Law Center database.

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