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Rule changes mean increased credit scores for some

Rule changes may result in credit score increases for some Florida residents. Credit agencies are now required to update a person’s credit report every 90 days, and new entries must have that person’s name, address and birthday or Social Security number. Civil debts as well as some tax liens may be removed from a credit report, which is why some scores will go up.

Traffic tickets and similar fines will not impact a person’s credit score, and there will be a waiting period on medical debt as well as the removal of past debts that have been settled. Overall, it is expected that 8 percent of the population will benefit from the changes, and that the average credit score will increase by about 10 points. Those who do see an increase in their credit score may want to think about asking for lower interest rates on credit card or other types of debt.

The use of personally identifying information on new credit report entries could reduce the odds of a mistake. In some cases, information meant for one person will show up on the credit report of another person with the same or similar name. These errors could reduce a credit score and make it harder to get a credit card or a mortgage.

Individuals who are looking for debt relief may wish to file for Chapter 13 bankruptcy to achieve that goal. A Chapter 13 bankruptcy allows an individual to reorganize his or her debt over a three or five year period. It also may put a stop to creditor collection efforts such as a repossession or a foreclosure. a lawyer can describe other elements of the process.

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