The three biggest companies that collect and disseminate credit information on more than 200 million Americans will change the way they handle errors and list unpaid medical bills as part of the largest overhaul in this industry in decades.
Under this new agreement New York state, Equifax, Experian, and TransUnion will be more proactive in resolving disputes over information contained in credit reports, a process federal watchdogs and consumer advocates have long decried as being stacked against individuals.
The credit bureaus will be required to use trained employees to review the documentation consumers submit when they believe there is an error in their files. If a creditor says its information is correct an employee must still look into the information to verify and resolve the dispute.
This process has been very frustrating in the past for consumers who have misinformation on their credit reports and cannot get a resolution. This information is used to calculate credit scores and dictates what lending percentage rate consumers can qualify for when purchasing homes, cars, and other big-ticket items. hotel comparison