NEW RULES WITH CREDIT REPORTING AGENCIES

Last month,  Attorney General Eric T. Schneiderman announced a settlement with the three leading national credit reporting agencies, Experian, Equifax and TransUnion, in order to assist consumers:

1. Transform the automated credit dispute resolution process to specially trained employees.

2. Establishing a six month waiting period before reporting medical debts on a credit report.

3. Removing medical debts from a credit report after the debt is paid by insurance.

4.  Publicizing the availability of free yearly credit reports from each agency (also have to provide a free report to consumers who experience a change in their credit reports after initiating a dispute).

The full announcement can be found at this link:

http://www.ag.ny.gov/press-release/ag-schneiderman-announces-groundbreaking-consumer-protection-settlement-three-national