Credit report changes include delay in reporting medical debt

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NEW YORK – The three largest credit reporting agencies will change the way they handle records in a major revamp long sought by consumer advocates.

Medical debts won’t be reported until after a 180-day waiting period to allow time for insurance payments to be applied.

People who contest items in their credit reports will receive additional information concerning their dispute, including instructions on what they can do if they don’t like the answer they get.

The plan is intended to provide people with more transparency and more simple navigation when dealing with the bureaus that hold their credit reports.

The changes were announced Monday after talks between Equifax, Experian, TransUnion and New York Attorney General Eric Schneiderman.

The consumer assistance plan will begin to be implemented over the next several months.