Credit Report

Credit Agencies To Ease Up On Medical Debt Reporting

Credit Agencies To Ease Up On Medical Debt Reporting

NPR - Millions of Americans have medical debt that's hurting their credit. The Consumer Financial Protection Bureau estimated it's as many as 43 million people, according to data released in late 2014.

Now, some relief may be on the way.

Changes in the way credit agencies report and evaluate medical debt are in the works. They should reduce some of the painful financial consequences of having a health care problem.

Starting Sept. 15, the three major credit reporting agencies — Experian, Equifax and TransUnion — will set a 180-day waiting period before including medical debt on a consumer's credit report. The six-month period is intended to ensure there's enough time to resolve disputes with insurers and delays in payment.

Are you sure your credit report contains only your information?

Are you sure your credit report contains only your information?

Mixed credit reports are more common than you may realize. Your credit file may contain information belonging to someone else, and unless you look at your credit report, you may never know. Watch this short clip to learn more ...

What is a Credit Report?

What is a Credit Report?

A credit report is not the same thing that you get when you ask for your "credit report" directly from the credit reporting agencies, Equifax, Experian and TransUnion or through AnnualCreditReport.com. That document that you get when you go directly to a consumer reporting agency is a document known in the credit reporting industry as a consumer disclosure. The purpose of a consumer disclosure is to comply with the federal law which requires the credit reporting agencies to disclose the contents of your credit file to you when you ask for it. Nor is a credit report something that currently exists at this very moment. Unless it just so happens that right now you are applying for credit, you don't have a credit report. A credit report is something that is created at the moment it is asked for. 

At its most basic level, a credit report is simply a report that is...

Credit Files & Credit Reports

Credit Files & Credit Reports

The term "credit file" is often used interchangeably with "credit report", but in the credit reporting industry these terms are distinctly different.  A credit file is a bit of raw data contained within a database. At any given time, the national consumer reporting agencies maintain hundreds of millions of consumer credit files in their databases. According to some estimates these files relate to approximately 250 million credit active consumers across the United States. This means that many consumers have more than one credit file in a consumer reporting agency's system.

A "credit report" is something that does not currently exist. A credit report is created at the moment that it is asked for. Your credit report might look different today than it will a month from now, and most certainly will look different than it did three months ago. ...