New York Attorney General Reaches Settlement With Credit Agencies

Today the Attorney Generals office reached a settlement with Equifax Information Services LLC, Experian Information Solutions Inc and TransUnion LLC some of the largest credit reporting agencies that should make life easier for those burdened by medical expenses.

Under the new deal medical debts would not be put on to consumers credit report until after a 180 day waiting period to give time for insurance to pay out. Given that half of bad debt collections on credit reports is associated with medical expenses the should be a relief to those suffering from credit problems.

In addition this settlement gives consumers more leverage to challenge false information in their credit report. Now Credit Reporting Agencies are required to have trained personnel review documents submitted by consumers who have found errors in their reports. Hopefully this will make being the victim of identity theft less of a Kafkaesque experiences.