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By G. Steven Bray
The three national credit bureaus (TransUnion, Equifax, and Experian) announced that they will change the way they collect public record data. These are items like judgments and tax liens that appear on your credit report. The change is due to concerns the bureaus have with the accuracy of the data. Specifically, the bureaus will:
– require public records to have minimum identifying information including a person’s name, address, and SSN and/or date of birth; and
– require public records to be collected and updated at more frequent intervals.
So, why should you care? The bureaus have analyzed the potential effects of this change and have concluded that:
– approximately 96% of civil judgment records may not meet the new requirements; and
– as many as half of tax lien records may not meet the new requirements.
If a record fails the meet the new requirements, the credit bureaus will not include it on your credit report.
The changes are expected to take effect no later than July of this year.