Judgments & Tax Liens to Be Removed from Credit Reports July 1 | Summary and Q&A

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July 7, 2017
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Consumer Warrior
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Judgments & Tax Liens to Be Removed from Credit Reports July 1

TL;DR

Starting July 1st, 2017, credit reporting agencies will no longer list public records such as civil judgments and tax liens without specific debtor information, potentially impacting millions of people.

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Key Insights

  • 👽 The credit reporting agencies Equifax, Experian, and Trans Union will no longer list public records without specific debtor information, such as civil judgments and tax liens.
  • 💳 This change is the result of a settlement with attorney generals who filed complaints against the credit reporting agencies.
  • 💯 The new policy may impact millions of people with debt problems, potentially improving their credit scores.
  • 💁 In Arizona, civil judgments expire after five years and may become void if not renewed, but the public record information still remains on credit reports.
  • 👽 Removing public records without specific debtor information is estimated to eliminate most civil judgments and federal tax liens from credit reports.
  • 💁 Individuals who have struggled to remove negative or inaccurate information from their credit reports understand the significance of these changes.
  • 🥶 Accessing free resources and templates related to credit reporting issues is available on the Consumer Warrior and Legal.Coach websites.

Transcript

  • Hey, good morning everybody, this is John Skiba from the Arizona Consumer Law Group. I'm also the founder of the Consumer Warrior Project. And I'm recording this video on the morning of June 30th, 2017, and I wanted to do this video 'cause there's some pretty big changes that are coming to the credit reporting agencies of Equifax, Experian, and T... Read More

Questions & Answers

Q: What changes are happening to credit reporting agencies?

Starting July 1st, 2017, credit reporting agencies will no longer list public records without specific debtor information, such as civil judgments and tax liens.

Q: How will this impact people with debt problems?

This change will potentially impact millions of people who have been dealing with debt problems and may result in a modest increase in their credit scores.

Q: Why do civil judgments and tax liens need specific debtor information?

The credit reporting agencies require debtor information, including name, address, Social Security number, or birthdate on the public records to ensure accuracy and privacy compliance.

Q: What happens if a civil judgment expires in Arizona?

In Arizona, civil judgments expire after five years, and if the creditor fails to file an affidavit of renewal with the court, the judgment becomes void. However, the public record information may still appear on credit reports.

Summary & Key Takeaways

  • There will be significant changes to the credit reporting agencies Equifax, Experian, and Trans Union, starting July 1st, 2017.

  • Public records such as civil judgments and tax liens will no longer be listed unless they contain specific debtor information.

  • In Arizona, where the speaker practices, civil judgments expire after five years and may no longer be valid, but the public record information remains on credit reports.

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