topic Re: 3 year timeline for bureaus to roll out reporting changes in Credit in the News

3 year timeline for bureaus to roll out reporting changes

Anonymous — Wed, 29 Jul 2015 02:57:55 GMT

Apologies if someone already posted this in the spring, but I found this really article after a discussion on the rebuilding boards and thought it contained good info.

http://www.creditsesame.com/blog/timeline-credit-reporting-changes-key-dates/

Re: 3 year timeline for bureaus to roll out reporting changes

Anonymous — Wed, 29 Jul 2015 03:03:21 GMT

Well, it's excellent that paid medical collections will no longer be reported. The bad news is it's three years away.

Hmm. Think I'll have any luck telling the collection agency that they might as well delete it now and save themselves the hassle in three years?

Re: 3 year timeline for bureaus to roll out reporting changes

Anonymous — Wed, 29 Jul 2015 03:19:19 GMT

haha one could only hope! Maybe if I'm feeling ballsy I'll try it tomorrow

Re: 3 year timeline for bureaus to roll out reporting changes

Anonymous — Sat, 15 Aug 2015 18:54:43 GMT

Thanks for posting -had heard about this but did not know all of the details.

Re: 3 year timeline for bureaus to roll out reporting changes

Anonymous — Sun, 16 Aug 2015 22:42:33 GMT

Good, but three years is a long time to do things that should have been getting done anyway.

I still wish they would make it a law that a certified letter of collection be sent to a consumer 30 days before allowing them to report to the CRA's.

Re: 3 year timeline for bureaus to roll out reporting changes

Anonymous — Sun, 16 Aug 2015 12:46:09 GMT

@Anonymous wrote:
Apologies if someone already posted this in the spring, but I found this really article after a discussion on the rebuilding boards and thought it contained good info.

http://www.creditsesame.com/blog/timeline-credit-reporting-changes-key-dates/

I understand this to be a gradual rollout in 3 phases so those will have to be implemented way before the 3 year mark expires.

The 3 year mark seems to be the completion date for all 3 phases otherwise the bureaus may face additional penalties/fines, etc

Credit reporting is a huge data intensive operation so I'm guessing that the credit bureaus are making gradual changes so that any adjustments and glitches can be fixed before the 3 year deadline