Deal to Improve Accuracy

Touching Your Community.com

By Margaret Collins and Christie Smythe

(Bloomberg) — Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York.

“This is huge,” Chi Chi Wu, an attorney at Boston-based National Consumer Law Center, said of the deal announced Monday by New York Attorney General Eric Schneiderman. “Consumers should be able to more easily get their errors fixed.”

Some consumers have spent years trying to rectify errors on their credit reports resulting from mistakes, fraud or mistaken identities. Removing black marks will save people money and time as credit bureaus have become gatekeepers to economic and employment success in the U.S., said Ed Mierzwinski, consumer program director at advocacy group U.S. PIRG in Washington.

Units of the three U.S. consumer credit reporting services — Equifax Inc., Experian Plc and TransUnion Corp. — said they would make changes…

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