10 Mar Improved dispute resolution promised by credit bureaus

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