Tuesday, March 17, 2015

Changes to credit reporting are coming.

This month, the three major credit reporting agencies  - Equifax, Experian and Transunion - settled a case with New York. One of the greatest changes will be the dispute system. Anyone who has tried to correct their credit report knows how hard it have inaccurate information removed. This article explains some of the expected changes: "Your Biggest Credit Report Complaint May Be Getting Fixed".

The article explains three major changes are:

Image courtesy of Stuart Miles at FreeDigitalPhotos.net
"Changing the credit report dispute process would address one of the biggest consumer gripes with the credit reporting agencies — that it’s challenging to remove inaccurate, damaging information from credit reports."
"Medical debt will no longer be reported until 180 days after it was incurred, allowing consumers more time to resolve the bill with their healthcare providers and insurance companies."

"Small fines may no longer have the ability to wreck your credit."
Because the reporting agencies have three years to implement these changes, there are not a great deal of details on how these changes will be handled. The article linked above discussed a little more about the changes. If this interests you, the article is worth reading.
If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out our website at www.medveskylaw.com.
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