What Illinois Consumers with Tax Liens on their Credit Reports Should Know about New Credit Reporting Policies

New credit reporting policies will help some Pennsylvania consumers with tax liens on their credit reports, but not everyone.

New credit reporting policies were implemented by the three major credit bureaus in July of 2017. Once these changes fully take effect, many Illinois consumers will see increases in their credit scores. This is because a lot of civil judgments and some tax liens will disappear from credit reports. Actually, according to TransUnion, Experian, and Equifax, almost no civil judgments will survive the new policies. However, the credit reporting agencies predict the removal of only about half of all tax liens from credit reports. This may leave Illinois consumers with tax liens on their credit reports wondering how long they will remain if they don’t fall off under the new reporting rules.

Why Some Illinois Consumers Will See Civil Judgments and Tax Liens Fall Off their Credit Reports

The three major credit bureaus received a huge amount of criticism from consumer advocacy groups over the years. This is because they made countless credit reporting mistakes when it came to tax liens and civil judgments. Thousands upon thousands of consumers – in Illinois and across the country – suffered ill effects because of this carelessness. Finally, TransUnion, Experian, and Equifax collectively yielded to the pressure and agreed to make big changes to some of their credit reporting policies.

With tax liens and civil judgments, complete identifying information must accompany these items in order for them to go on (or stay on) credit reports. Also, the credit reporting agencies must properly update reported tax liens. This means that paid or resolved tax liens may no longer retain an “unpaid” status.

What Illinois Consumers with Tax Liens that are Not Purged from their Credit Report Should Expect

Tax liens that can legitimately stay on credit reports (even under the new rules) may or may not fall off at a certain point. For example, Illinois consumers who pay their liens should keep an eye on the calendar because paid tax liens may only linger on credit reports for seven years. Yet, technically, the credit bureaus can report unpaid tax liens for as long as they wish. Fortunately, though, they typically remove them after ten years.

So, Illinois consumers who want better credit should, if possible, pay off unpaid tax liens, then monitor their credit reports to ensure that the lien status does, in fact, change. In addition, Illinois consumers who believe that their tax liens qualify for removal, but were left by mistake should seek legal assistance. Or, if a credit bureaus still lists a paid tax lien on your credit report as “unpaid,” you should call a credit lawyer. Specifically, consumers in Illinois with these kinds of credit issues should contact Credit Repair Lawyers of America in Illinois. Here at our firm, the best credit repair lawyers work hard to clean up credit reports for FREE.

Why Illinois Consumers Should Seek Legal Help for All Types of Credit Report Errors and Mistakes

New credit reporting policies may take care of a few credit issues. But there are many different kinds of errors on consumer credit reports. In fact, up to 80% of credit reports contain flaws. For this reason, all Illinois consumers should regularly check their credit reports. Doing this is free and easy, and if you follow this link, you’ll find a short, but informative video that explains the whole process.

Again, if you find inaccuracies on your credit reports, call Credit Repair Lawyers of America in Illinois. We’ll get you clean credit reports, and charge you nothing out of pocket for our services.

The Free and Legal Way to Get Better Credit

Don’t let errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (404) 591-6680 or sending him a message through our contact page.