Profitt Report: Some credit scores will soar this month

New credit reporting standards were put into place July 2017. Photo: Pexels

Have you checked your credit score this month? It might not be a bad idea, your score could be higher than you think. Starting July 2017, the three major credit report bureaus are changing how they calculate their score and millions of people could see their credit rise as a result.

Good credit card habits lead to better credit scores but that’s not all that goes into your score. That three-digit number is also made up of the different kinds of credit you have, such as car payments, mortgages, etc. Also included in your score: your payment history, how much debt you have compared to available credit and public record data, such as tax liens and civil judgments.

However, this month, the three national credit bureaus are now requiring a name, address and social security number or date of birth in order to include tax liens or judgments in your score.

“Because they noticed there's been a lot of errors in the past,” said Mindy McIntosh with McIntosh & Associates in Freeland.

That means, liens or judgments without that personal identification data will be scrubbed from your credit score. Not everyone will see a difference, but for those who do, it could be significant.

“We're seeing people are going to have on average 20 points higher on their credit score,” McIntosh said.

This is important for consumers because like it or not, your credit score impacts your everyday life.

“A great credit score is really important, maybe you need to buy a new mortgage or need a new auto loan or just even anything you use… for credit cards,” McIntosh said.

If you’re curious about your credit score, there are safe, secure websites where you can look at your score for free. Please click here.

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