If you’ve been paying attention to me at all over the past month, you probably have heard me talking about THIS
. In short, the requirements for liens and judgments that would negatively impact your credit score have gotten stricter, and therefore many of you might have your scores improve without any effort as those items will be removed from you credit report.
But let’s look at the facts of this and what it most practically means for you.
- If you actually owe someone money, this doesn’t relieve the debt. This just takes the items off your credit report and means that your scores will improve, even if your liability remains the same.
- Many of you don’t have any liens or judgments against you, and therefore this will have no impact on your score.
- Just because the government said they’re making this change… doesn’t mean you’ll see it right away. I don’t know if you’ve noticed… but the government works kind of slowly.
So what should you do?
You should check your credit. Even if you don’t have any liens or judgments, this should be a good reminder to you to check under the hood of your credit. Everyone who calls me at 312-751-1333 gets a FREE credit consultation. I don’t charge you to check your credit, so you literally have nothing to lose. Some of my competitors charge you to check your credit, which is gross because we can’t do anything to help you until we have your credit scores.
People freak out about credit inquiries, which is smart but only to a point. The reason your score drops a few points with each credit inquiry is because the credit bureaus think you may have opened up a new line of credit, so they dock you a few points until whatever you did or didn’t do becomes clear. You all will recover those points within 120 days, but some of you will not be negatively impacted at all if you don’t have people check your stellar credit.
If you’ don’t want to call me you can use THIS website to check your report for free without any negative impact of your score. I recommend checking one credit bureau (TransUnion, EquiFax, Experian) every three months.
Not checking your credit because you’re afraid of what it will say is like not going to the doctor when something hurts, because you’re afraid they might tell you why. If you do have credit challenges, let’s diagnose them today so we can work out a plan to get you into a better financial situation moving forward!
I’m always available to help. So call me today.