This week the three major credit reporting agencies (Equifax, Experian, and Transunion) announced they will improve how they handle errors, medical bills and provide information to consumers.
This is great news if you’re a first-time homebuyer and need a loan/mortgage in Virginia Beach, Norfolk and Chesapeake.
From now on:
- Medical debts won’t be reported until after a 180-day “waiting period” to allow insurance payments to be applied.
- Credit agencies will eliminate debts that did not arise from contracts/agreement by the consumer, such as parking tickets and fines.
- Consumers will receive information about the status of their dispute and information on procedures to take if they are not satisfied with the result.
***The credit improvements will have a positive impact on home buyers, as credit scores and reports weigh heavily on the ability to qualify for a mortgage.***
Please share this information with your clients in Virginia Beach, Norfolk and Chesapeake.
To contact the credit reporting agencies on any disputes, here is the contact information:
If you have any questions, please contact me at 757-490-4726 or srubin@tidewaterhomefunding.com.
Photo courtesy of Simon Nowak (Flickr)