The Credit Bureaus Agree to Overhaul How They Repair Credit

This is a major announcement!

A plan was announced as part of an agreement with New York Attorney General Eric Schneiderman and Equifax Information Services, Experian Information Solutions and TransUnion on how they will change the way they handle errors and list unpaid medical bills as the beginning of the largest overhaul in over ten years.

Just some of the changes will be ... 

  • Medical debts won't be reported until after a "waiting period" of 180 days to allow insurance payments to be made.
  • The bureaus will also remove from credit reports previously reported medical collections that have been or are being paid by insurance.
  • Data furnishers must meet higher criteria that will be reviewed and reinforced by the credit bureaus for them to be continuously reported. 
  • Data furnishers won't report authorized users without their birth date and the bureaus will repair the unverifiable information by deleting the entire tradeline .

For more details check out the article below;

More information listed here

Source: http://www.nbcnews.com/business/consumer/c...