Credit reports touch many aspects of people’s lives, so accuracy of the reports are very important to American consumers. The three credit reporting giants have been criticized for frequent errors in reports over the years; now there is finally a plan in place for a massive overhaul for better consumer protection.
The overhaul includes seven key factors:
1. Improving the dispute resolution process
2. Medical debt
3. Increasing the visibility of AnnualCreditReport.com
4. Additional free annual credit report
5. Payday loan debt
6. Furnisher monitoring
7. Media campaign about consumers’ rights