How the Changes in Credit Reporting Will Affect You

More than 200 million Americans have a credit score. A poor credit score can limit your ability to borrow money, obtain a credit card, or even acquire a job in some industries. Your credit score and report have the power to make your life easier or much more challenging.

Credit reports are known for containing many errors, and these errors can be challenging to remove. Credit reporting agencies have avoided spending the necessary time and resources to resolve consumer disputes.

Unpaid medical bills are a significant component of many credit reports. Fifty-three percent of the debt listed on credit reports is related to medical bills.

To address these issues, the major credit bureaus, Equifax, Experian, and TransUnion, have agreed to alter the manner in which they report credit information. The major changes involve unpaid medical bills and errors.

 Some of these changes are: 

 1.  Consumer-reported errors...