Credit scores could see boost amid new reporting guidelines - WFMJ.com News weather sports for Youngstown-Warren Ohio

Credit scores could see boost amid new reporting guidelines

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WARREN, Ohio -

Two major changes in credit scoring could benefit millions of Americans.

From purchasing a new car or home to paying with plastic, a consumer's buying power plays a key role in driving the local and national economy.

Starting this month, NBC News reports that credit scoring service FICO is using utility bills to help determine credit scores.

As of July 1, the three major credit reporting agencies: Experian, Equifax, and TransUnion, are following new rules when it comes to reporting tax liens and civil judgments.

A person's name, address, and date of birth or social security number must be accurate. 

"If that information does not match correctly, that information needs to be taken off the credit reports, so that means that could boost individual's credit scores," Vic Russell said, with Apprisen in Warren.

Russell says some consumers could see their scores go up anywhere between 10 to 40 points or even higher. 

A review of all reports is underway and should be complete by July 10. Russell says credit reporting agencies will have to re-verify reports every six months.
 

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