In March 2015, the three nationwide credit reporting agencies, Experian, Equifax, and TransUnion, announced new policies that will make credit reports more accurate and better help consumers dispute credit report errors.
As a result of settlement with New York Attorney General Eric Schneiderman, the three credit reporting agencies (CRAs) implemented new policies in what they are calling The National Consumer Assistance Plan. The policies will take effect within a few months (for some) to up to thirty-nine months (for others).
Highlights of the new policies include:
- CRAs will wait 180 days before recording delinquent medical debt on reports (to give consumers time to get health insurance company payments).
- CRAs will remove medical debt notations after an insurance company pays the debt.
- Consumers that successfully dispute an item after receiving their free annual report will be entitled to another free report within the one-year period.
- If a consumer is not happy with the result of a credit report dispute, the CRA will provide the consumer with information about further options.
- The CRAs will develop enhanced dispute resolution procedures for victims of fraud and identity theft and for those whose credit files have been mixed with another file.
- CRAs will no longer report government fines and traffic tickets.
To learn more, see the blog post titled Credit Reporting Agencies Agree to Better Consumer Protections.
Effective date: Mar 24, 2015