Financial Literacy

Credit Scores to Get a Boost

Consumers thinking about buying a new car or renting an apartment might want to wait until after July 1, when the three major credit bureaus will be removing a handful of negative factors from reports.

Roughly 12 million Americans will see an automatic jump in their FICO credit score this summer, The Wall Street Journal reported. FICO scores often influence the amount of interest consumers are likely to pay on a loan or a rewards-heavy credit card.

Listed among negative items to be removed from consumer reports are tax liens, civil judgments and court rulings that resulted in the payment of money, such as if someone lent their vehicle to another person who was involved in an accident, leaving the owner on the hook financially.

Although the boosts will likely be less than 20 points for most people affected by the changes, some consumers could see their score increase by as much as 40 points.

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