Some relief in sight for Consumers regarding the Credit Reporting agencies

Experian, Equifax, and Transunion have come to terms with New York’s Attorney General’s office concerning the reporting of debt to its bureaus. The agencies will be required to hire specialists to handle consumer disagreements when a complaint has not been successfully resolved. It will no longer be enough to discount a consumer allegation of wrongful entries or simply refer it back to the lenders. The bureaus will need to evaluate the complaint by consumers and accept or reject the findings of the creditor based upon its own investigation.

The reporting agencies have accepted the need to provide greater accuracy because of the importance of credit scores in our society, be it for auto loans, mortgage loans, lines of credit, credit card issuance, and rental housing, to name a few.

As well, the agreement will have national implications because many of the provisions will not only apply to New York State but will apply to the rest of the country. This will eliminate a dual system of resolving issues. A unified approach will allow their policies to be implemented based upon a singular rule.

All this is good news for consumers who struggle to have errors corrected in a timely manner. If you have debt that has become unmanageable, consult a Bronx/Westchester bankruptcy attorney and get a free telephone consultation.

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