New study: Credit collections have plunged after agency settlement with states
There’s been a plunge in the number of collections accounts after changes imposed on credit-reporting agencies by state regulators, according to a new study released recently. The 2015 settlement between 31 state attorneys general and Experian, Equifax and TransUnion created what’s called the National Consumer Assistance Plan, which was designed to limit credit reporting errors that impair scores. That went into effect in the second half of 2017. Among other things, credit-reporting agencies have to more frequently and accurately report collections as well as remove some medical bills.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063