I just wrote an article about credit card myths, and right afterwards, big news broke about some credit bureau changes happening in 31 states in the near future. A lot of the changes will be very helpful to consumers 🙂
Now that you’re in your thirties, make sure you’re keeping your credit report in extra good shape by checking it at least once a year. You can easily check it on a site like http://www.annualcreditreport.com Errors pop up in credit reports all the time and you want to catch them early before they damage your score. The new rules getting put in place among the credit bureaus should help stop these accidents from happening. Here they are:
- If there’s an error on your file with one of the three agencies, that agency must notify the others
- It will now take 180 days for medical debt to appear on your credit report. So if you have medical debt because your insurance is supposed to take care of a bill and things are still processing, the issue will get squared away before doing any credit damage.
- The bureaus will closely track data furnishers who most often supply disputed info- so if an organization or debt collection agency is being disputed all the time by everyone, credit bureaus will get way more suspicious.
- The bureaus have to educate consumers on getting access to free credit reports as opposed to paying for promoted credit reports.
- You’ll get an additional free credit report provided to you if you’ve recently disputed a claim.
Thanks so much! Hope this all gets put into place! 🙂