Your Credit Score Might be Going UP

A redevelopment in how many credit reporting agencies factor in negative credit information is prompting millions of consumers’ credit scores to rise. 

Collection issues were removed from 8 million consumers’ credit files in the 12 months ending in June. The N.Y. Federal Reserve reported Tuesday that consumers who had at least one collections account removed from their credit reports are seeing an 11-point increase to their scores adding that the majority of consumers who benefited from the changes are those who had credit scores below 660 prior to the collection events removal.
This could be good news for potential home buyers, as better credit scores are a big factor lenders use in granting cheaper rates for mortgages. And relatively small shifts in scores can make a big difference on loan affordability.


Guillermo "Bill" Sanjurjo Realtor®
12955 SW 42 St Suite 2, Miami, FL 33175
Cell: 786-232-1400