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Credit agencies agree to overhaul

Monday, March 09, 2015 - 01:18

An overhaul by the big agencies will make it easier for consumers to fix errors on their credit reports. Fred Katayama reports.

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TV AND WEB RESTRICTIONS~****~ That arduous task of fixing errors on your credit report is going to get much easier. The three largest U.S. credit reporting agencies have agreed to change the way they handle errors and medical debt. That's significant because Experian, Equifax, and TransUnion provide credit data on more than 200 million U.S. consumers, and what they report affects whether you get that home or car loan you applied for and the interest rate you get charged. In a deal worked out with the New York Attorney General, the agencies will use trained employees to review supporting documents submitted by consumers. And they'll tell you what you can do if you're not satisfied with the answers you're getting. And they won't report medical debts until after a 180-day waiting period. That grace period should allow time for you to cover your debts and insurance payments to be made. New York AG Eric Schneiderman said, "The agreement will reform the entire industry and provide vital protections for millions of consumers across the country." Shares of Experian, which trade in London, falling more than one percent. Experian and Equifax shares have been vastly outperforming the broader market this year and over the last 12 months. TransUnion is private.

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Credit agencies agree to overhaul

Monday, March 09, 2015 - 01:18