Changes are coming to your credit report – and this time, those changes may work in your favor.
Some consumers could see a boost in credit scores. Public records included in credit reports must meet higher standards. It’s expected that many public records related to civil judgments and tax liens will not meet the new criteria and be dropped from consumers’ existing credit reports – providing an immediate boost to credit scores. Bankruptcies, which are typically more detailed and in-depth with respect to records, will probably not be affected.
WAIT … THERE’S MORE
If that news weren't good enough, at least one debt collector is rewarding good-faith efforts to repay. Encore Capital Group has promised not to report any new collection account to the credit bureaus as long as the debtor begins repaying their debt within ninety days after being notified of the debt in collections.
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