This week the three major credit reporting agencies (Equifax, Experian, and Transunion)announced they will improve how they handle errors, medical bills and provide information to consumers.
From now on:
- Medical debts won’t be reported until after a 180-day “waiting period” to allow insurance payments to be applied.
- Credit agencies will eliminate debts that did not arise from contracts/agreement by the consumer, such as parking tickets and fines.
- Consumers will receive information about the status of their dispute and information on procedures to take if they are not satisfied with the result.
***The credit improvements will have a positive impact on home buyers, as credit scores and reports weigh heavily on the ability to qualify for a mortgage.***
Please share this information with your clients.
To contact the credit reporting agencies on any disputes, here is the contact information:
If you have any questions, please contact me at 757-490-4726 or firstname.lastname@example.org.