An overhaul of dispute resolution and how medical debt is reported are at the heart of an agreement announced in March 2015 that will alter how credit reporting agencies work. One credit expert called the announcement a “gigantic win for consumers.” Experian Information Solutions (EXPGY), Equifax Information Services (EFX) and TransUnion all agreed to put mechanisms in place to do such things as simplify the process to correct errors. “This is a big deal,” said Chris Jackson, Advanced Credit Technologies, Inc. “Normally, it takes an act of Congress for the credit reporting agencies to change their practices.” This is a fundamental change for the good of consumers, and it builds credibility within the 3 reporting agencies and the important role they play within the scoring system.
When it comes to dispute resolution, consumers have complained about a typically frustrating process of trying to get a mistake fixed. The problem, Jackson said, is that documentation often isn’t reviewed and obvious mistakes are allowed to remain. “It has to be given the volume of disputes, but hopefully these changes will help those with legitimate disputes to have the opportunity to get them resolved.”
The Federal Trade Commission conducted a study finding that one in four consumers have at least one error on their credit reports that could affect their credit score — and ultimately their ability to borrow money.
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Read Full Article : http://www.marketwatch.com/story/major-credit-bureau-changes-for-consumers-in-march-2015-2015-04-14?reflink=MW_news_stmp
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