3 New 2015 Credit Reporting Laws Mean Score Changes Across the Board
Here’s How to Make the Most of This New Era in Credit Reporting Law
It’s not 2012 anymore. Purse string are loosening. Lenders are more than willing to lend to people with “okay credit”. And because of that, credit reporting laws are being reformed.
What one organization calls “reform” could leave many consumers scratching their heads about what to do to quickly repair credit.
First you should know this impacts WHAT and HOW credit reporting agencies like Equifax, Experian and TransUnion can show information on your Credit Report.
Second, this requires a change in how collection agencies report delinquencies on your credit report.
Third, this could change the face of credit as we know it.
Here are the New Credit Reporting Laws to Know in 2015. Read them, know your rights, and call us with any questions about how these changes will impact your score.
New Credit Repair and Reporting Law #1: Medical bills cannot be reported delinquent until 6 months after your first payment was due. Why? To allow medical insurance companies plenty of time to review, and pay for the bill without impacting your credit. The best part? Collectors cannot report any items that did not arise from a signed contractor agreement (as stated under the FCRA)—including but not limited time fines and assessments.
And even better, RETROACTIVE items that have been reported already, must follow these new standards.
New Credit Repair and Reporting Law #2: Collection agencies must TAKE ACTION by contacting Credit reporting agencies (Equifax, Transunion, Experian) to remove collection debts that have been sold, transferred, or are no longer worked by that collection agency.
Plus collections that have not been updated in 6 months can be removed by CRA.
This means one of the easiest disputes you could originally contest on your own to raise your score is no longer necessary, saving you time, and requiring you to call in the experts for only the big, bad, most damaging problems on your credit.
New Credit Repair and Reporting Law #3: CRA’s cannot refuse your dispute because you don’t know your report ID number—which used to be time-limited.
And, you can cry foul if they deny your dispute merely on the fact that “you’ve filed multiple disputes”. You can now file as many disputes as you’d like, and they must review them all—making CREDIT BLITZ™ that much more powerful.
To find out how quickly you can increase your credit score with CREDIT BLITZ™ simply contact us for a free, no obligation Credit Strategy Session by clicking here now.