Tuesday, March 10, 2015

Credit Bureaus Launch National Consumer Assistance Plan

Yesterday, Equifax, Experian and TransUnion announced a series of joint initiatives designed to make the credit reporting experience more transparent and easier for consumers and to enhance the accuracy of credit reports.  While the plan has not yet been made available to the public, the Consumer Data Industry Association is reporting that the key initiatives include:

  • Consumers who use their free annual report, discover an error AND successfully dispute can now obtain a second free report;
  • Non-voluntary consumer debts (for instance, traffic tickets and government fines) can no longer be credit reported;
  • Medical debts cannot be reported for 180 days; and
  • Consumers who dispute an item on their credit report and are dissatisfied with the outcome of the investigation will be provided with information about further options.

Regarding medical debt reporting, it has also been reported that the CRAs will removed previously reported medical collections that have either been paid or are being paid by insurance.  The Plan also will require data furnishers to provide a date of birth for any authorized users who are being reported. The initiatives came about after many months of discussion with various state attorney generals. 

1 comment:

  1. This blog is really helpful regarding all educational knowledge I earned. It covered a great area of subject which can assist a lot of needy people. Everything mentioned here is clear and very useful.เมโสหน้าใส