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Settlement Requires Credit Reporting Agencies To Make Reforms

By Joel Hardy

05/21/2015

Former KS Atty General Derek Schmidt

(KAIR)--The three national credit reporting agencies are now required to make significant reforms in how they effect customer's credit scores.

The changes are a result of a settlement reached Wednesday between the companies and thirty one state Attorneys General, including Kansas Attorney General Derek Schmidt.

The settlement was a result of a multistate investigation into consumer disputes about credit report errors, accuracy in consumer credit reports, and the hassle involved in getting those errors corrected.

Equifax Information Services LLC, Experian Information Solutions Inc., and TransUnion LLC have all agreed to increase monitoring of data providers, to require additional information from providers on certain types of data, to limit direct-to-consumer marketing, to provide greater protections for consumers who dispute information on their credit reports, and to comply with state and federal laws.

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