Monday, March 09, 2015

Credit reporting industry will beef up ability to handle disputes, after agreement with New York State


The Wall Street Journal is reporting Monday that the three major credit reporting companies have agreed to overhaul their procedures for resolving disputes from consumers about specific members, in a front page story by Anna Maria Andriotis, link here
  
The agreement is with New York State but it should be implemented nationally. 

Extra employees will be hired to resolve disputes. The three major companies are Experian (Los Angeles and Dallas), Equifax (Atlanta), and Trans-Union (Pennsylvania).   Even though these companies have member and affiliated bureaus (one was at the RMA site in St. Paul MN, where I worked a while in 2003), these jobs would probably be at the corporate level.  Implementation will take over three years. 
   
I worked for Chilton, a precursor to today’s Experian, for six years in Dallas in the 1980s.  Member-consumer disputes were not the issue then that they are today, and identity theft was not nearly as rampant. Chilton’s data center was located on Fitzhugh, in Oak Lawn, and the corporate center was just north of I-635, called “Northpoint”. 


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