About 12 million people will get a lift in their credit scores starting in Jule as the national credit reporting agencies wipe from their records two major sources of negative information about borrowers: tax liens and civil judgments, the New York Times reports.
The change comes after “a lengthy crusade” by consumer advocates and government officials to force the credit bureaus to improve the accuracy of their reports, which are often speckled with errors and outdated information.
Here’s another big change coming:
Starting in September, their reports will eliminate medical debt collection accounts that are less than six months old, a change intended to reflect the sometimes-lengthy process of sorting out health insurance reimbursements.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.