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Blogging for Change Blogging For Change
by Jesse Campbell on May 25, 2015

Credit reporting agencies agree to major changes 

If you’ve ever been unfortunate enough to have your identity stolen or simply had incorrect information listed on your credit report and found the response from the major credit reporting bureaus to be somewhat lacking, good news!

Transunion, Equifax, and Experian have all agreed to make a number of major changes in how they report credit information and handle certain types of disputes. These changes all stem from an investigation brought on by the attorneys general of 31 states. Consumer complaints about how these credit bureaus gathered information and managed disputes led to the investigation, which ended when the three agencies agreed to pay the states $6 million and implement the following reforms:

  • Fines and tickets are generally not allowed to be included in credit reports.
  • Medical debt cannot appear on a consumer credit report for at least 180 days old after the account has been initially reported to the credit reporting agency.
  • Debt collectors must provide the original creditor’s information when reporting a debt.
  • Agencies must provide a process for handling escalated disputes, such as cases of identity theft or fraud.
  • Each agency is required to notify the other agencies if it finds that a consumer’s credit report contains information that belongs in a different consumer’s credit file.
  • Agencies must forward a consumer’s supporting documents to the data furnisher when applicable.
  • Consumers are entitled to one additional free credit report in a 12-month period if they successfully dispute information on their credit report and their report is modified as a result.
  • Agencies must advise consumers on how they can take further action after an investigation into a dispute had been completed.
  • AnnualCreditReport.com must contain links to each credit reporting agency’s dispute website and ads are not allowed on that site.

All of these are positive changes for consumers. In particular, the newly imposed delay on delinquent medical debts provides consumers with additional time to sort out those issues with their provider before their credit report is impacted. Creating an escalated process for complex disputes like identity theft, meanwhile, should make resolving complicated credit problems much less of a headache.

These changes won’t be immediate, however. Per the settlement, the credit reporting agencies will have 3 years and 90 days to complete all the required changes.

Comment(s)

Amber says:
May 29, 2015

These companies just use "credit" scores to keep people down in any way they can.They claim they will make changes, but we all know it's bull. Doesn't anyone think it's odd that you can't access the same scores that say a mortgage lender or an auto dealer would see about you if they looked you up, even if you pay for your score? Why would a company not want YOU to know how YOU rank on something unless the ultimate goal is to KEEP YOU TRYING? This whole system is so beyond stupidity that is blows my mind that we keep following it. How can we all be so blind to not see that this is truly and insane system?



Bryan Keith Earley says:
May 28, 2015

why does the consumer have to pay for his or hers own information if they desire to see it?



Carlos Lizarraga says:
June 24, 2015

The credit reporting industry along with the credit scoring system has been stacked against the consumer since day one.For many years the FTC really did not take any meaningful action against the three major credit bureaus.Only now,under the CFPB are consumers getting a break.But there is still a long ways to go.Car insurance rates based on the famous FICO scores to the detriment of most consumers.Yet, our elected officials in DC could give a rat's ass about it.



Deborah Gauthney says:
June 25, 2015

To address John's dilemma, I experienced something similar.The reason why you can't get any satisfaction is because they outsource people who don't even live in the US to work for them! What you should do is to demand to speak with the head honcho of the department or someone who holds some clout in Equifax like a General manager.



elizabeth schommer says:
June 03, 2015

How is it that three companies have different numbers for a credit score. Why isn't it mandated that they calculate all info the same, so as the person above said ,you do not pray that the best company gets used. The credit is paid or not paid. Paid on time or late. too much debt ratio or just fine. How can these FACTS be given a different number by 3 companies. I do not like our government nor this crazy system that has no rules or logic. We , as consumers, can do nothing to change this or the government{which has not followed LAWS for years.} We can just pray that the BEST company gets picked.



Gerald B Hammock says:
May 28, 2015

These agencies are not on the same page. Why do I continually get different scores from the 3 creditors + www.creditkarma.com & www.creditsesame.com have different scores (If I tried to purchase something, my hope is that they pull the more accurate report!)



Jerry says:
June 24, 2015

I can't understand where they got my information from. Wrong and completely wrong.



John Moore says:
May 28, 2015

I have had not success in getting Equifax to remove 2 addresses in States I have never resided in from my credit report. I have requested that they provide documentation verifying I lived in those States, but they have not complied.



Larry Sweeney says:
June 23, 2015

I have duplicate accounts listed on two of the three credit reports. It shows two home mortgages with the same account number and the same balance and both show open. There is not way to fix this as far as I can find.



Lizzie Dixon says:
May 28, 2015
Website: Yahoo

Very good information.



Mack T says:
June 27, 2015

I believe some of these requirements have already performed on my reports. Three days ago I viewed my account and saw that two disputes I made about 9 months ago had been removed from my report. I thought to myself that it took the companies long enough. My scores immediately went up at least 6 points.



Ron Kleinman says:
June 26, 2015
Website: gmail

I've recently noticed my FICA score has increased by all but one credit bureau (Equifax).Seems to be a problem for many.



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