Effective July 1st, significant changes will be coming to credit reporting from the three main bureaus. This change has some in the lending industry worried, while others believe it is a good change for those with past liens and civil judgments.
The change, once again effective on July 1st, will remove liens and civil judgments that meet certain criteria in some cases. The change will, in many cases, raise the borrowers credit score possibly well above where they might be normally.
This change was enacted due to a recent report issued by the Consumer Finance Protection Bureau(CFPB).
The jury is still out on this one, but again some in the lending industry have already expressed concern about this major change.