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Credit scores may jump this month thanks to new scoring rules

May 1, 2018

Starting this week, some consumers may have a higher credit score.

Because of improved standards for utilizing new and existing public records, the three major credit reporting companies are now excluding all tax liens from credit reports. That means some scores will head higher, for some by as much as 30 points.

Credit scores

, notably those from FICO, one of the largest credit scoring companies, generally range from 300 to 850. A good credit score generally is above 700, and those over 760 are considered excellent.

Credit reporting and scores play a key role in most Americans' daily life. The process can determine the interest rate a consumer is going to pay for credit cards, car loans and mortgages — or whether they will get a loan at all.

The new rules come following a study by the Consumer Financial Protection Bureau that found problems with credit reporting and recommended changes to help consumers. (Incorrect information on a credit report is the top issue reported by consumers, according to the bureau.)

Jessica Dickler, CNBCPublished 7:00 a.m. ET April 16, 2018

https://www.usatoday.com/story/money/personalfinance/2018/04/16/credit-scores-may-jump-month-thanks-new-scoring-rules/515831002/

 

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