If you’re one of the hundreds of thousands of American consumers frustrated by problems with their credit reports—maintained by one of the nation’s three largest credit bureaus, Experian, Equifax, and TransUnion—you may wonder if there’s anything you can do. But there are ways to repair your credit. Let’s briefly look at one such tool: Section […]
Category Archives: Credit Scores
In our last post (click here to read part 1), we looked at the dramatic increase in consumers’ complaints against the national credit bureaus, Experian, Equifax, and TransUnion. But, of course, we need to do more than know the number of complaints we need to pay attention to. We also want to examine the types […]
On August 17th 2021 the mobile phone company T-Mobile revealed that they had discovered a cyberattack had exposed certain personal information of around 7.8 million current customers, and information about around 40 million former customers to bad actors. The data included names, dates of birth, social security, and driver’s license or identification information. Financial, credit […]
Read part 1 by clicking here! From January 2020 to September 2021, CFPB received more than 700,000 consumer complaints about Experian, TransUnion, and Equifax—the national credit reporting agencies (NCRAs). But the number of successfully resolved complaints dropped to just 5%. Why? According to a recent report by the Consumer Financial Protection Bureau (CFPB), one reason […]
Read part 1 by clicking here! While the prevalence and impact of collection debts on credit reports are clear, what’s even more of a concern is how often mistakes are made. And this flawed reporting is having an impact on consumers’ lives. Currently, there are no accepted or enforceable standards for when or why debt […]
An estimated 220 million U.S. consumers have at least one credit report maintained by the major credit bureaus of Expedia, Equifax, and TransUnion. And of these millions of consumers, one out of three have what’s known as a “collections tradeline” included in their reports. Yet most Americans may not even know what a tradeline is, […]
In our last post —if you haven’t read it yet click here for part 1—, we discussed the credit bureaus’ announcement that they are changing how they will include medical debt on consumers’ credit reports. Industry watchers estimate that these changes will eliminate 70% of medical debt reports. But let’s talk about steps you can […]
According to a recent report by the Consumer Financial Protection Bureau (CFPB), almost one-out-of-every-five consumers has information relating to their medical debt on a credit report. And while medical debt is the most common type of collection information on a consumer’s credit report, medical debts aren’t a good indicator of creditworthiness. Medical debt is usually […]
In mid-March, all three major credit bureaus—Equifax, Experian, and TransUnion—announced they would no longer include most medical collection debt on people’s credit reports. This is a major change that should have everyone checking their credit reports. According to the Washington Post, the credit bureaus will be taking steps to change how they report medical debt […]
This past January, the Consumer Financial Protection Bureau (CFPB) issued an annual report analyzing more than 700,000 consumers’ complaints about the three national credit bureaus, Equifax, Experian, and TransUnion. According to the report, “In 2021, the NCRAs reported relief in less than 2% of complaints down from nearly 25% of complaints in 2019.” The unfortunate […]