Credit reports touch many aspects of our lives. They can be a determining factor whether we are able to obtain a credit card, take out a loan for college, rent an apartment, buy a house/car and sometimes whether or not we can get a job.
On Monday, April 20,2015, Eric T. Schneiderman, New York State attorney general announced that he had reached an agreement with Experian, Equifax, and TransUnion that will affect consumers everywhere. Under this agreement, the process will now use specially trained employees instead of an automated process to help with disputes and review all supporting documents submitted by consumers involving mixed credit files. Also, medical bills will have a six month waiting period so consumers will have more time to resolve any issues that might arise due to insurance payments. Additionally, the credit reporting bureaus will take steps to make sure consumers can access their credit reports for free at least once a year through the website annualcreditreport.com.
These changes will be introduced and implemented throughout the next three years, but most changes will be made during the next six to 18 months, according to the Consumer Data Industry Association.