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Changes Coming to Credit Reports (Wednesday, August 3, 2016)

According to, Experian, Equifax and TransUnion plan to remove civil judgments and tax liens that do not relate to a contract or agreement (i.e., ticket and fines), from consumer credit reports by July 2017. The change is part of the National Consumer Assistance Plan (Plan) that was the result of a settlement with 31 state attorneys general on May 20, 2015.

The credit reporting agencies also plan to hire specially trained employees to review credit report disputes and supporting documentation; introduce a 180-day waiting period between the time a medical bill account is created and the time it can be recorded on a credit report; remove medical debt being paid by insurance - or debt that was paid by insurance - from credit reports; and form a multi-company working group to regularly review reported data to ensure consistency.

The changes under the Plan must be completed by August 18, 2018, three years and 90 days from the Plan settlement date. As a result of these changes, credit reporting procedures between your credit union and the credit reporting agencies will be amended. Credit scores are also expected to increase (the degree to which will depend on the amount of civil judgments and tax liens associated with fines and tickets, as well as medical debt), resulting in potentially higher loan approval rates.