In a drive to improve accuracy and fairness the three largest consumer credit reporting agencies (TransUnion, Equifax and Experian) announced changes to the way they will do business. The changes while minor are a step in the right direction paving the way for more accurate credit reporting which, in turn, should lower borrowing costs on mortgages, car loans, etc for consumers adversely impacted by erroneous reports and late updates. Among the moves announced:

    Consumers protesting information contained in credit reports will be provided with options about what can be done if they don’t like the outcome of the dispute.
    Medical debts won’t be reported until after a 180-day waiting period to allow time for insurance payments/reimbursements to be applied. Similarly, previously reported medical collections that have been or are being paid by insurance companies will be removed.
    Information pertaining to debts not arising from a contract or consumer agreement (e.g. traffic tickets and nuisance fines) will be removed.