Experian, Equifax and TU Agree to Improve the Dispute Process and Reduce the Impact of Unpaid Medical Bills

Experian, Equifax and TU Agree to Improve the Dispute Process and Reduce the Impact of Unpaid Medical Bills The three national credit bureaus have agreed to improve the way they handle consumers’ requests to correct inaccuracies on their credit reports. The bureaus will also change the way they report on unpaid medical bills. The agreement is a result of an investigation by the New York Attorney General. Under the agreement, the bureaus will be required to use trained employees to review the documentation consumers submit when they believe there is an error in their files. If a creditor says its...

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Consumer Agency Finds the Credit Bureaus’ System of Dispute Resolution Does Not Work for Consumers

The Consumer Financial Protection Bureau has released a study of the operations of the three national credit bureaus. The CFPB found serious problems with the credit reporting system, and in particular, the dispute system.The bureaus’ automated dispute system in which the credit bureau often limits its role in disputes to little more than assigning codes as to what type of dispute is at issue. The bureaus do not examine documents, contact consumers by phone or email, or exercise any form of human discretion in resolving a dispute. The vast majority (85%) of credit reporting disputes are passed on to the...

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