New Credit Reform – Impact on Credit Reports
Credit reporting and credit scores have long been an area where the banks and reporting agencies held all the cards. Until fairly recently, FICO scores were closely guarded secrets. Errors on reports could easily keep you from qualifying for credit. And, it was difficult to dispute charges that marred your reports. But, a new agreement with the Attorney General’s Office in New York is leading the way toward fairer credit reporting practices.
An Easier Dispute ProcessRoughly 10 million American consumers have been denied credit or
been subject to higher interest rates because of errors that dragged down their credit scores. That’s about 5% of all US consumers who have credit reports. But, as part of their deal with the Attorney General, the three major credit reporting agencies are going to make it easier for individuals to report problems with their credit reports.