Money and Success

Your Money Show

Brett Goldstein

Your Money Show – Credit Repair

Yourmoneyshow.com  talked about Credit Repair and the new rules regarding credit reports. The credit bureaus — Experian, Equifax and TransUnion will now make some changes as to their credit reports.

The three companies will establish a six-month waiting period before reporting medical debts on consumers’ credit reports, providing more time for consumers to resolve issues that might amount only to a delayed insurance payment or another dispute. The credit agencies will also remove medical debts from an individual’s report after the debt is paid by insurance and Debts, for tickets, fines and other obligations that a consumer did not enter an agreement to pay, can no longer be reported on a credit report.

However the good news may be short lived.  The rules did not change and the credit card companies and credit bureaus can still say that your attempt to repair your credit is a frivolous.  When they mark you as frivolous they do not have to respond to you.  The laws also prevent you from suing the creditor who reported the information to the credit bureau in the first place.

The questions remains, are you meant to have good credit?  NO! Any system that limits your ability to sue a credit card company for provided false information about you, is a system that is not meant for you to have good credit.

Yourmoneyshow.com talks about ways to repair your credit and how remove negative items from your credit report.