(Bloomberg) — The three leading U.S. consumer credit reporting agencies agreed to make sweeping changes to correct errors and improve accuracy of reports as well as to increase protection for consumers with medical debt.
Equifax Information Services LLC, Experian Information Solutions Inc. and TransUnion LLC made the agreement with New York Attorney General Eric Schneiderman, set to be announced Monday. Combined, the companies maintain credit information for about 200 million U.S. consumers.
Credit reports provided by the agencies are used to assign numerical scores on which lenders rely to help determine whether to issue loans to consumers and at what interest rates.
"This agreement will reform the entire industry and provide vital protections for millions of consumers across the country," Schneiderman said in a statement.
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