Keeping Watch. A step towards another collapse of the economy. Experian, TransUnion and Equifax remove Tax Liens and Civil Judgements from Credit Reports.
Let’s get straight to it.
- What exactly are the credit reporting agencies doing?
- Why? their side of the story
- The Facts
- What this means?
- What can we do?
What are they doing?
- Removing all Tax Liens from Credit Reports. Yep, Have a lien against you because you owe $50,000 to the Federal Government? Gone.
- Removing all Civil Judgements from Credit Reports. Yep. Have a judgement against you because you defaulted on a loan or credit card? Gone.
The credit reporting agencies claim it’s because of the issues faced with liens being on the wrong credit report – impacting the wrong person.
I call BS. They have our social security #. Isn’t that required for any loan, credit card application and our taxes? So you can’t create software that matches my social security # (the one you have on file) to my social security # on file with banks, credit cards, court systems, or the government for taxes?
When decisions like this are made it makes me question the ethics. It’s an investment in engineering and data reliability. It’s not a reason to stop reporting information vital to the stability of our economy. It’s these types of actions that open windows for the banks already committing fraud in desperate attempts for revenue growth.
- Approximately 5.5 million credit reports are expected to be impacted.
- Credit scores will go up.
- Lenders rely on credit reports to help determine how likely consumers are to pay back loans.
- Lenders who want to track liens and judgments will need to take extra steps to find lien or civil judgement data.
- Banks are desperate to find new markets for growth. So desperate that Wells Fargo, Bank of America… and others have been hit with $100 million and $ 1 billion fines in the last year for fraud.
What this means for us?
A likely increase in what today would be the same type of risky – subprime lending that led to the 2008 market collapse. There are still regulations in place to make this difficult – like Dodd Frank, but our “elected officials” are working on rolling back Dodd Frank and eliminating restrictions put in place after the 2008 collapse.
What can we do?
Unfortunately the big 3 reporting agencies are what everyone uses to check our credit, including the consumer credit monitoring services. So we can’t switch to a company that doesn’t pay Experian, TransUnion or Equifax for our reports.
We are following the banks closely to monitor which are participating in the same risky investments that led to the 2008 collapse. We are currently working on a series of pieces that will track bank activity nationwide and state by state to let you know how to vote with your $ by moving your savings, checking and loans to banks that are not participating in the same anything-for-profits tactics.
We are also following the legislation – legislators and the companies that contribute to them. If Mitch McConnell pushes to remove bank regulations – we track the companies contributing to his campaigns directly or through PACs or Super PACs so you can vote him out by spending your money with a company that supports an ethical candidate.
Have someone or something you want to report or something you think we’ve missed? Contact Us