The Wall Street Journal reports 31 states have reached a settlement with credit bureaus Equifax, Experian and TransUnion requiring them to alter the way they handle consumers’ financial and credit history data. Topping the list of changes, the firms must provide the participating states with the lender names and other businesses that consistently share erroneous data. If the states see a spike in consumer complaints regarding inaccurate information, the state attorneys general (AGs) may have the option to investigate. The settlement is similar to one reached between the credit bureaus and the New York AG. Ohio AG Mike DeWine said complaints have risen in the past year, adding, credit bureaus “have a flawed system that cannot effectively work. Changing (that) behavior was (a) No. 1 priority.” (Registration may be required to access this story.)
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