More Accurate Credit Reports? National Consumer Assistance Plan Announced by Three Major Credit Bureaus
by Thomas C. Lawson, CFE, CII
More Accurate Credit Reports – On March 9 Equifax, Experian and TransUnion delivered a press release stating they plan to enhance their ability to collect “complete and accurate consumer information.” The idea is to give you, the consumer, more transparency as well as the ability to interact better with the bureaus regarding your own credit report.
The press release stated, “The National Consumer Assistance Plan we are announcing today will enhance our ability to offer accurate reports and make the process of dealing with credit information easier and more transparent for consumers,” said Stuart Pratt, President and CEO of the Consumer Data Industry Association, the trade association representing the consumer data industry, including the three national credit reporting agencies.
“While we are pleased that the most recent comprehensive study by the Federal Trade Commission showed that credit reports are materially accurate 98% of the time, we are always looking for ways to improve our procedures, and this consumer assistance plan will allow us to do that. While all three nationwide credit bureaus have been and continue to operate in compliance with the applicable federal and state laws, we have never hesitated to go beyond the letter of the law to voluntarily improve the existing credit reporting environment.”
Some of the benefits consumers will experience include being able to get a free credit report once a year; as well as better ability to dispute information including receiving results of a dispute. The bureaus will also focus on an enhance dispute process for those consumer who are proven victims of identity theft.
Check out the full press release here.
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