An agreement by the three major credit reporting agencies about the information included in credit reports could result in an increase in credit scores. At MortgageDepot, we want borrowers to understand how this could affect them.
Removing some judgments and liens
Under an agreement reached with state attorneys throughout the country, the bureaus agreed not to include credit information that could be inaccurate. As a result, some people will see fines for traffic tickets, tax liens and some judgments removed from their credit reports.
Effect of credit bureau action
The immediate effect of removal of tax liens and other credit items from credit reports will be an increase in credit scores. This could make some borrowers eligible for loans they might not have previously been able to obtain, which could lead some lenders to increase the cost of financing to cover the higher risk of default they might face.
How can MortgageDepot help?
We work with many reputable lenders to help our borrowers find a loan with terms that are right for them. MortgageDepot is committed to making certain any gap in tax lien information available to lenders does not adversely affect our borrowers. Find out how we can help you obtain financing for a purchase or for refinancing by call us at (800) 535-0720.