Credit Reporting to Benefit Buyers
At last! The nation’s credit reporting giants have agreed to make drastic changes to the way that credit disputes and inaccuracies are handled. After coming under fire from consumer advocacy groups and the New York state Attorney General, credit reporting companies have agreed to work towards a significantly easier and more transparent process for individuals struggling with discrepancies on their report.
Since mortgage lenders scrutinize an applicant’s credit history, these changes are expected to assist prospective homebuyers secure a loan for their new home.
Additionally, credit reporting companies will extend the grace period for unpaid medical bills to 180 days. This unprecedented move allows more time for individuals who have been burdened by medical bills before they will show up on their credit report.
These changes are expected to be fully instituted between 6 and 39 months from now.