Updated standards for credit scores, a positive for borrowers

The top three credit agencies will change the way they handle errors and list unpaid medical bills due to a giant industry overhaul, an article in The Wall Street Journal said.

Under an agreement announced Monday with New York state, Equifax Information Services, Experian Information Solutions and TransUnion will be more proactive in resolving disputes over information contained in credit reports—a process federal watchdogs and consumer advocates have long decried as being stacked against individuals.

Credit scores play a pivotal role in the housing market and are used by lenders to gauge what type of mortgage a borrower can get. More here

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