Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
During a recent hearing of the House Financial Services Committee, lawmakers reviewed credit reporting and scoring system practices. Some advocated changes to help erase blemishes faster from a credit report and urged other factors to be considered in the scoring process. For example, a new bill proposed, aims to change the federal Fair Credit Reporting Act to require the national credit bureaus to delete most blemishes from a person’s credit report within four years, instead of the current seven. These blemishes would include delinquencies on credit cards and mortgages, foreclosures, short sales, and more. The bill proposed bankruptcies stay on file for seven years instead of the current 10, read more.
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