Credit scores are used for more than just approval for mortgages loans. A poor credit score may affect the deposit amount for cell phone service, utilities and insurance policies. Maintaining a good credit score by paying bills on-time, eliminating unused credit cards and keep credit card balances to a minimum is a must. However, changes to how credit activity is reported are coming to 31 states including Florida.
This new program, National Consumer Assistance Plan, was a deal reached on March 9, 2015 between the 31 states and all three credit reporting agencies, Experian, Equifax and Transunion. Under the new plan, credit reporting mistakes will be corrected in a shorter amount of time. Currently it can take months to fix along with follow up by the consumer. The plan also extends the reporting time for reporting a medical allowing more time for the consumer to work with their insurance company to get the claim paid. Other changes include:
- Improve tracking of reporting mistakes and provide the data to companies (collection agencies, banks, department stores) that furnished the information in order to prevent future errors.
- Create a better process for complicated disputes such as identity fraud, theft or mix-ups with people with the same name.
- Consumers will be able to receive an extra credit report in the case of a disputed claim that changes their credit report. Currently consumers can receive one free credit report from each reporting agency annually.
- Debts incurred without a contract will no longer be reported. This includes traffic tickets and government fines.
- Consumers will be provided with information and further options if they are not satisfied with the outcome of a dispute.
We know that Life happens and personal and financial situations change; whether due to unemployment, divorce, death and other emotional and unexpected events. Know that assistance is available to determine the most effective path to debt relief and to protect your assets Ronald A. Luzim learns and understands the unique needs of each client and offers personal service for each case. He is a former estate and tax attorney with the IRS has been practicing law since 1974 and specializes not only in estate planning and real estate but also is a Coral Springs probate lawyer, Coral Springs bankruptcy lawyer and Coral Springs family lawyer. In addition as a practicing state certified mediator, Ronald brings experience, expertise and empathy to your legal matter. Please contact his Coral Springs office at 954-755-1500 for assistance in protecting yourself, family and property.
There is no substitute for experience.