South Floridians May Have Better Credit Scores... Here's Why

For well over a year there's been a review of the credit rating and credit score process. The cool thing about it is that all considered changes have and will only benefit your score if there is an impact.

Last summer, the first changes were made that had a tangible impact on credit scores when credit rating agencies dropped the impact of any civil judgements against you. At the time the agencies were also reviewing tax liens to potentially drop them from negative credit score impact as well. Now that's happened as well.  

If you've had any tax liens assessed against you at any point, as of today, they're no longer impacting your credit score. According to LexisNexis the impact for those affected is up to 30 points. So, if you've been trying to rebuild your credit you might've just received a big sudden boost. Floridians are the 17th most likely to benefit from these changes compared to folks from states around the country as we were disproportionately hit harder by the Great Recession and housing crisis.  

Aside from these changes, it's worth your while to check in on your credit score if you haven't in a while. With rates heading higher along with improved credit scores generally (the average credit score has improved by about 15 points over the past few years), you might find that you can refi debt obtained with a lower credit score and still save money as well. 

Brian Mudd

Brian Mudd

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