• DYE CULIK PC | Consumer Protection Division

Credit Reporting Settlement to Benefit Consumers

As part of a state settlement with the so-called “Big Three” credit reporting agencies — TransUnion, Equifax, and Experian — consumers will have better abilities to dispute inaccurate accounts and deal with medical debt.


Some of the changes include:

  1. Consumers will be given additional educational material about through the free credit report website, AnnualCreditReport.com.

  2. If a consumer disputes an inaccurate account, she or he will be given another free credit report after the dispute is resolved so that they can see whether the item has changed.

  3. Trained employees will have to review the documentation consumers submit when reviewing allegedly incorrect credit reports. (Apparently, untrained reviewers were being used.)

  4. When consumers dispute inaccurate credit entries,

  5. Medical debts cannot be reported for 180 days. This gives time for slow-to-pay health insurance companies to pay bills without consumers being penalized.

  6. Medical debts will be removed from credit reports after they have been paid by insurance.

Most of these changes will be applicable nationally, including in Massachusetts. The changes will become effective within the next 6 to 36 months.

The original press release is here: Credit Reporting Agency Settlement

If you feel something is incorrect on your credit report, get your Free Credit Report Dispute Kit. Credit bureaus that fail to remove inaccurate information from a consumer’s credit report may be liable for damages under the Fair Credit Reporting Act.

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Culik Law is a Massachusetts Law Firm. The posts on Culik Law’s blog are not intended as legal advice. If you have questions about your particular situation, CONTACT CULIK LAW for a Free Consultation.

#creditreport #Equifax #Experian #TransUnion