COLUMBUS, Ohio (AP) – The three main credit reporting agencies in the U.S. have struck a multi-state settlement agreement that requires them to move more quickly to fix disputed information on credit reports, wait longer before adding items and more carefully scrutinize certain data they’re furnished by collection agencies and others.
Ohio Attorney General Mike DeWine announced the pact between Equifax, Experian and TransUnion and attorneys general in 31 states Wednesday. It requires the agencies to pay $6 million and changes certain business practices over the next three years.
DeWine said he initiated an investigation after a 2012 investigation by The Columbus Dispatch uncovered that consumers had been denied car loans, house loans and even jobs because of mistakes on their credit reports.
He called the reporting system fundamentally flawed.