Improved dispute resolution promised by credit bureaus

Photo: kariatx/morguefile.com

Anything that makes life easier, more fair and more transparent for consumers sounds good to NJMoneyHelp.com.

This week we got news that the credit bureaus, as part of a settlement with New York’s attorney general, promised to do better with dispute resolution.

That means a lot.

Here’s what it means to you, as explained by Bob Sullivan. The agreement:

  • requires that the bureaus move away from an automated system that rejects consumer disputes without reviewing evidence they supply
  • institutes a 180-day waiting period for appearance of unpaid medical debt, and removes those derogatory entries  when those debts have been paid in some cases
  • requires that each bureau link prominently to AnnualCreditReport.com and offer a second free peek at credit reports for consumers involved in disputes
  • prevents reporting of delinquent payday loan payments if the lender is found to be operating illegally
  • requires closer monitoring of credit report data furnishers
  • requires credit reporting agencies to pay for a media campaign to help call attention to consumer rights

 

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