Woo hoo! Court gives us all a break

October 1, 2008 at 8:32 am (The law)

The three big credit reporting agencies—Experian, TransUnion, and Equifax—have been inaccurately reporting debts on millions of consumers’ credit reports even after the debts have been forgiven through the bankruptcy process. Once forgiven, the debts should be removed from credit reports, but the agencies are continuing to report them as active.

Now they have until October 1st to comply with Judge David O. Carter’s order to “revamp their systems,” writes Jane J. Kim on the Wall Street Journal’s finance blog. If you’ve gone through the pain of bankruptcy, you can look forward to not having unpaid debts on your credit report.

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