It was hailed by NBC news on Monday as
the most radical change to credit reporting in decades and New York Attorney
General Eric T. Schneiderman said his agreement with the three major national
credit reporting agencies (CRAs) will reform the entire credit reporting industry
and protect millions of consumers across the country.
The agreement between Schneiderman’s
office and Experien, Equifax, and Transunion reported on Monday requires the
CRAs to institute a number of reforms to increase protections for consumers,
over a three year period. While the
agreement is specific to New York State, it is expected that most of the
reforms will be instituted nationwide.