For many years, people have been asking for policy changes from credit-reporting agencies. And, this week, those changes were agreed to by the three biggest agencies, Equifax, TransUnion, and Experian. If you’re struggling to make ends meet, these changes could really make a difference. And, if you’re rebuilding your credit after filing for bankruptcy in Denver, Littleton, or Aurora, these changes are extremely welcome. Let’s look at how they will affect you.
Now, medical debts won’t be reported to credit agencies until after a 180-day waiting period. This will allow time for insurance payments to be applied to the debt. Obviously, this will remove a lot of stress for consumers who know that insurance companies can take months to handle claims. In fact, over half of all collection items on reports are medical debts. Many of them aren’t a good reflection of the debtor, because insurance coverage can be delayed.
2.Better Dispute Resolution
Another change being implemented is the gift of more information. Now, when people contest things on their credit reports, it will be easier to resolve these disputes. This is because the agencies have agreed to hire specially-trained employees who will handle the process, which used to be mostly automated. Victims of fraud and identity theft will also enjoy the new changes. The three credit-reporting agencies are focusing more on better resolution for disputes from victims of fraud and identity thefts.
3.Tickets & Fines No Longer Reported
Tickets and fines such as parking tickets or library late fees will not appear on people’s credit reports. This is because the debt isn’t a result of an agreement or contract (such as with a credit card or loan). But, if a ticket or a fine is sold to a collection agency, it is possible it could appear on your credit report in this form.
Harassed by Creditors? Bankruptcy Can Provide Relief
If you’re struggling to make ends meet and looking for anything to help, the news that change is arriving from credit-reporting agencies is good news. But, these changes won’t necessarily help you with past debt. To deal with overwhelming debt or harassment from creditors, considering filing for bankruptcy in Highlands Ranch, Parker, or Lone Tree. An expert bankruptcy attorney can walk you through the process and help you understand just how filing for bankruptcy will give you a fresh start. Don’t delay – take action today to ensure you have a good financial future.
If you’re struggling to make ends meet and are looking for any policy changes which can help you, consider filing for bankruptcy. Contact experienced, Christian bankruptcy attorney Barry Arrington for a free consultation to learn how bankruptcy can give you the best fresh start possible.