Credit Reporting Deals Already Show Benefits, Experts Say
Richmond partner Ashley Taylor was quoted in a September 17 Law360 article about attorneys who worked on the 32-state agreements that changed the way credit reporting agencies handle disputes nationwide telling a Chicago audience at the American Bar Association conference on September 17 how the credit reporting landscape has changed since the deals were signed.
Originally, thirty-two state attorneys general wanted to provide greater access to the resources consumers needed to dispute debts listed on their credit reports; they also wanted a more careful method used to report certain types of debt, such as medical debt, to credit agencies. The attorneys general came to two agreements with the nation’s three largest credit reporting agencies – TransUnion, Equifax Information Services LLC and Experian Information Solutions Inc. – earlier this year.
Ashley, who negotiated on behalf of Equifax, said that, while the attorneys general are skewed toward consumer concerns, data furnishers have told him that the “requirements are sufficiently sensitive to the nature of their disputes.”