(208) 880-0316

New Rules Could Boost Your Credit Scores

New Rules Could Boost Your Credit Scores

How To Raise Your Credit ScoreEach of the major credit-reporting agencies have agreed to changes in their scoring formulas that could boost your credit scores.

Help To Correct Errors

Until now, disputing inaccurate entries on your credit report resulted in a “passing of the buck” by the bureaus. They simply forwarded your complaint along to the creditor for review, then refused to adjust or even remove the inaccurate tradeline if the creditor would not admit their error. Under new rules, if you provide the appropriate documentation AND a creditor does NOT back of its stance, the credit bureaus will now assign an advocate to review your documentation. The advocate also has the power to change the tradeline, regardless of the creditor’s resistance.

Longer Time To Resolve Medical Bills

Credit reports often show medical debt that has been sent to a collection agency simply because a health insurance company was slow to pay a claim. I’ve personally seen collection accounts lower my mortgage clients’ scores by 100 points or more. Now, medical collections cannot be reported to the credit bureaus any sooner than 180 days after the medical debt becomes delinquent. This gives the insurance company and the claims process plenty of time to run its course.

No More Penalties For Unpaid Parking Tickets

Under the current system, unpaid parking tickets or overdue library book fines can end up as a collection account reporting to the credit bureaus. Now, credit reports will NOT be allowed to include charges or collections unless you agreed to a contract or signed an agreement to repay.

If you have other credit scoring questions, or would like to schedule a complimentary credit consultation, don’t hesitate to Contact Me directly. My team and I are here to help!

On your team,

Eric

P.S. Thank you in advance for your referrals to ANYONE that needs my help. Please don’t hesitate to contact me directly if there is anything I can do for you or anyone you know.