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Credit-reporting agencies agree to overhaul
Source: Reuters
Credit-reporting agencies agree to overhaul
Mon Mar 9, 2015 6:25am EDT
(Reuters) - New York Attorney General Eric Schneiderman reached a settlement with the three biggest U.S. credit-reporting agencies in a deal that will change the way they handle errors and treat medical debt.
Under the agreement, set to be announced on Monday, Equifax Information Services LLC, Experian Information Solutions Inc and TransUnion LLC, will be more proactive in resolving disputes over information contained in their reports.
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According to the deal, medical debts will not be put on consumers' credit reports until after a 180-day "waiting period" to allow insurance payments to be taken into account. In addition, all medical debts will be removed from a consumer's credit report after the debt is paid by insurance.
The settlement also requires the CRAs to institute several reforms over the next three years, including giving consumers the right to challenge inaccurate information in their credit reports by initiating a dispute.
[font size=1]-snip-[/font]
Mon Mar 9, 2015 6:25am EDT
(Reuters) - New York Attorney General Eric Schneiderman reached a settlement with the three biggest U.S. credit-reporting agencies in a deal that will change the way they handle errors and treat medical debt.
Under the agreement, set to be announced on Monday, Equifax Information Services LLC, Experian Information Solutions Inc and TransUnion LLC, will be more proactive in resolving disputes over information contained in their reports.
[font size=1]-snip-[/font]
According to the deal, medical debts will not be put on consumers' credit reports until after a 180-day "waiting period" to allow insurance payments to be taken into account. In addition, all medical debts will be removed from a consumer's credit report after the debt is paid by insurance.
The settlement also requires the CRAs to institute several reforms over the next three years, including giving consumers the right to challenge inaccurate information in their credit reports by initiating a dispute.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2015/03/09/us-usa-creditreporting-idUSKBN0M50SL20150309
