In recent years, there have been significant changes in how credit reporting agencies handle certain types of information on credit reports. Here are key developments:

1. Removal of Tax Liens and Civil Judgments (2017):

• In 2017, the major credit reporting bureaus (Equifax, Experian, and TransUnion) began removing certain tax liens and civil judgments from consumers’ credit reports. This change was initiated to improve the accuracy and fairness of credit reporting. Many consumers had experienced negative credit impacts from these items, and their removal aimed to provide relief.

1. Announcement of Removal of All Tax Liens (2018):

• In 2018, the major credit bureaus collectively announced their decision to remove all tax liens from consumers’ credit reports. This change signified a further step toward ensuring that only relevant and meaningful financial information is included in credit reports.

1. Removal of Debts Not Arising from a Contract or Agreement:

• Credit reporting agencies typically focus on reporting debts that arise from contractual agreements, such as loans, credit cards, or rental agreements. Debts that do not originate from such agreements, such as gym memberships, library fines, and traffic tickets, are generally not reported on credit reports. These items are not traditionally considered as part of a person’s credit history.

These changes in credit reporting practices were implemented to address issues related to the accuracy and completeness of credit reports. The goal was to ensure that credit reports provide a fair and accurate representation of an individual’s creditworthiness by excluding certain non-financial obligations and reducing the negative impact of certain past financial events like tax liens and civil judgments.

It’s important to regularly check your credit reports to ensure that they accurately reflect your financial history. If you encounter any errors or discrepancies, you have the right to dispute them with the credit reporting agencies to have your reports corrected.