Some Henry County Consumers see Credit Score Bumps

By
Real Estate Agent with Keller Williams Realty Atlanta Partners 242866

It isn’t exactly Christmas-in-May, but for some Henry County consumers, a valuable present they weren’t expecting will show up this month. The surprise gift will arrive in the form of a boost to their all-important credit score. The newly minted credit scores could be improved by as much as 30 points—enough of a jump that some Henry County recipients could find themselves newly eligible for home loans with lower rates. That will happen if the increase promotes them from one credit score “band” to the next.

The windfall comes as a result of a revision in the way the three major credit bureaus—Equifax, Experian, and TransUnion—deal with tax records (the negative ones, that is). Up until mid-April, any tax lien that appeared in Henry County consumers’ credit records resulted in significant dings to their credit scores. An overdue tax bill of any kind was scored as a major no-no—and until mid-April, that was a black mark that marred more than 5 ½ million U.S. citizens’ credit scores.

This was true even though the reporting agencies had already removed almost all civil judgment data from consumer records last July—including about half of existing tax liens. The reason then was the same as the reason now: scads of incorrect identifying information. It seems that simple mistakes like same-name cross-ups or bureaucratic updating failures had become so common that the histories could no longer be considered reliable. That put the credit agencies in legal jeopardy—a situation that could only be remedied by striking all of the tax lien records.

For consumers with Henry County credit scores that had been affected, the impact on their home loan prospects will vary. If they are already in a superior rating band, the result will be a ho-hum. But for those with lower scores, the boost might be decisive.

Credit scores are one area where it pays to be vigilant when it comes time to buy and finance a home. Another is in selecting the right experienced Henry County real estate agent. That’s where I come in: I hope you’ll give me the nod!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Georgia Henry County
Groups:
Atlanta Homes For Sale
Keller Williams
Keller Williams Active Rain Bloggers
Keller Williams Realty Referral Group
MetroAtlantaRealEstateProfessionals
Tags:
homes in henry county
homes for sale in henry county
homes in henry county mcdonough home search
homes in henry county stockbridge home search

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
277,730

Ron Chastain

What ever it takes
What is your Home's Value
*
*
*
*