New Credit Score Changes That Will Make Your Life Easier
New Credit Score Changes That Will Make Your Life Easier
Recently the three largest credit-reporting firms whom keep records on more than 200 million individuals and influence their ability to obtain credit, reached an agreement with New York State to overhaul their reporting and error resolution practices. As a result Equifax, Experian, and TransUnion made important credit reporting changes that will make your life easier.
1.) Removing Medical Debt: One major change in the credit reporting practice will be the removal of medical debts from credit reports once the debts are paid instead of the typical seven years. The three companies will also establish a six-month waiting period before reporting medical debts on consumers’ credit reports, providing more time for consumers to resolve issues that might amount only to a delayed insurance payment or another dispute.
2.) Faster Dispute Reporting: With the updated credit reporting changes, credit reporting firms will be required to use trained employees to review and resolve consumer disputes. Before this agreement was approved, the dispute process was a largely automated and outsourced process.
3.) Free Credit Reports: Credit reporting bureaus will now take steps to make consumers aware that their credit reports are available free at least once a year from each of the credit agencies through the website annualcreditreport.com. The agencies will now have to include links to that website on their home pages, as well as provide another free report to consumers who experience a change in their credit reports after initiating a dispute.
Overall, many view the settlement as huge victory that will benefit consumers throughout the U.S. If you’d like to know more about credit score changes or if you’re seeking a property management company in Las Vegas, please contact Simply Property Management – Paielli Realty, Inc. today. We offer a wide range of property management services to fit your needs as a landlord, tenant or homeowner.
Greg Paielli
Simply Property Management – Paielli Realty, Inc.
www.lasvegaspropertymgmtservices.com
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