Your credit report might be getting a makeover.

And the three-digit credit score we all carry around, which can determine how likely we are to get a favorable loan to buy a house or a car, could be moving up as a result.

The reason behind the potential boost is a change in the way the three major credit rating firms deal with negative credit information, including unpaid bills and debts.

Some of new practices by Equifax, Experian and TransUnion include more updated reporting, such as noting when an overdue balance has been paid, along with the exclusion of certain debts and items of questionable accuracy.

"To the extent that the bureaus are looking and seeing what's accurate and cleaning up the report, it can improve family financial security," said Caroline Ratcliffe, a senior fellow at the Urban Institute, a nonpartisan think tank.

Library fines and traffic tickets are also being scrubbed. Medical debts that have been or are being paid by insurance companies will disappear from profiles.

In response to these changes, Americans' credit reports are already showing fewer blemishes and scores are rising.