New Credit Reporting Rules That Will Help Consumers

Have you ever seen something incorrect on your credit report that was hard to get resolved? For many years, consumers have struggled to correct erroneous information on their credit report because of all the red tape put into place by the credit reporting bureaus. But, there is good news. New policies have been put into place to help consumers better when trying to correct damaging information on their credit report. Here are improvements that the 3 large credit reporting agencies have to adhere to:

#1 – Creditors and debt collectors are no longer able to add negative marks related to fines or tickets.

#2 –The bureaus must better track creditors and collectors who supply disputed information frequently.

#3 – The bureaus will now have to wait at least 180 days before adding a medical account to a credit report. This gives people time to address the situation with the insurance company and healthcare provider first.

The new rules will now help consumers better take control of what happens to their credit report. You still need to pay close attention, otherwise you won’t’ be able to notice any discrepancies on your report.