Credit Report EHM

Credit Report Got You Down? Big Changes May Bring a Boost This Summer.

Some big changes are on the way when it comes to your credit report– and they may just work in your favor!

The three major credit bureaus – Experian, Equifax, and TransUnion – have come to an agreement with 31 state attorney generals to change the way they look at collections and how they affect credit scores. There have been several changes already, but the most significant impact will occur this summer.

Some key changes:

  • The credit bureaus will reject any reporting of a collection that is less than 180 days old, giving consumers time to pay off their collections before it hits their report.
  • Paid collections will either be removed or suppressed from the credit report.
  • Collection accounts that have not been updated on a report for six months or more will be periodically removed from the credit report
  • Credit reporting agencies will remove collections that did not arise from a contract or agreement by the consumer.

The way collections will be factored into credit scores could improve credit scores by 100 points! These changes will be in effect June 8th, 2018.


By Meagan Rochard