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AGNY/BCFP Settlement Agreement - Progress?

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I just finished reading through the 2015 settlement agreement between the AGNY/BCFP and the credit bureaus.

https://ag.ny.gov/pdfs/CRA Agreement Fully Executed 3.8.15.pdf

That truly seems to be a breakthrough in credit reporting and credit repair.

However, I'm curious to know if this settlement has actually changed the credit reporting industry.


This seems to only relate to NYers. Did non-New Yorkers benefit from this as well? Can they use this settlement to their advantage?

Did the credit bureaus honor this settlement? Do they now send supporting documents provided by consumers with disputes via e-Oscar?

And if so, do creditors bother to read them at all?

Or, despite this settlement, are the credit bureaus and creditors still basically the same?

Perhaps, outside of New York, they're acting as if this settlement never happened?

As in, auto-rejecting disputes the majority of the time via e-Oscar? (Unless legally required not to.)

Would love to hear from the legal experts out there. What are your thoughts?

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The biggest flaw i see in that report is that they are relying on a 2012 study to determine the inaccuracy of data. Due to the financial meltdown, 2012 was a complete mess in terms of credit reports. It would be like setting freeway speed limits based on a traffic study conducted at 8am. Not to mention, the standard used in that study was whether or not edited/deleted data in a consumer report resulted in a score increase.  This is a horrible metric because a data furnisher could delete 100% accurate (but negative) info yielding a score increase, and the people conducting the study would falsely deem the info "inaccurate".

From my own personal experience, this exact scenario happened in 25-30% of cases from that period of time. 

As for the rest, i predict things will be business as usual for the CRAs. Whatever regulations that apply specifically to reports provided to NY residents will be complied with on those reports. The penalty for non-compliance is essentially nil since enforcement lies solely with the NYAG.

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