{"id":13897,"date":"2018-08-16T12:20:03","date_gmt":"2018-08-16T12:20:03","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=13897"},"modified":"2018-08-16T12:20:04","modified_gmt":"2018-08-16T12:20:04","slug":"consumers-getting-a-credit-score-boost","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/consumers-getting-a-credit-score-boost\/","title":{"rendered":"Consumers Getting a Credit Score Boost"},"content":{"rendered":"

Consumers Getting a Credit Score Boost<\/h1>\n
\"Consumers<\/a>

Consumers Getting a Credit Score Boost<\/p><\/div>\n

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An overhaul in how several major credit reporting agencies factor in negative credit information is prompting millions of consumers\u2019 credit scores to rise. Collection events were struck from 8 million consumers\u2019 credit reports in the 12 months ending in June. The New York Federal Reserve reported Tuesday that consumers who had at least one collections account removed from their credit reports are seeing an 11-point increase to their scores.<\/p>\n

Critics have long claimed such dings to scores are prone to errors or that they’ve unfairly kept many out of the borrowing market. Equifax, Experian PLC, and TransUnion have all agreed to revamp reports, which stems from a 2015 settlement with state attorneys general on the matter.\u00a0In the settlement, the firms agreed to remove some non-loan related items that were sent to collection firms, such as gym memberships, library fines, and traffic tickets. They also agreed to strike medical-debt collections that have been paid by a patient\u2019s insurance company.<\/p>\n

The majority of consumers who benefited from the recent changes are those who had credit scores below 660 before the collection events were removed, according to the New York Fed.<\/p>\n

This could be good news for potential home buyers, as better credit scores are a big factor lenders use in granting cheaper rates for\u00a0mortgages. And relatively small shifts in scores can make a big difference on\u00a0loan affordability. A recent study from LendingTree<\/a> showed that consumers who can raise their credit scores from \u201cfair\u201d (580-669)\u00a0to \u201cvery good\u201d (740-799) could potentially save $29,106 in mortgage costs.<\/p>\n<\/div>\n

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\u201cOverhaul Boosts Credit Scores of Millions of U.S. Consumers<\/a>,\u201d The Wall Street Journal (Aug. 15, 2018) [Log-in required]<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Consumers Getting a Credit Score Boost An overhaul in how several major credit reporting agencies factor in negative credit information is prompting millions of consumers\u2019 credit scores to rise. Collection events were struck from 8 million consumers\u2019 credit reports in the 12 months ending in June. The New York Federal Reserve reported Tuesday that consumers … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-13897","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nConsumers Getting a Credit Score Boost - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/consumers-getting-a-credit-score-boost\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Consumers Getting a Credit Score Boost\",\"datePublished\":\"2018-08-16T12:20:03+00:00\",\"dateModified\":\"2018-08-16T12:20:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/\"},\"wordCount\":296,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/08162018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/consumers-getting-a-credit-score-boost\\\/\",\"name\":\"Consumers Getting a Credit Score Boost - 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