JACKSON, Miss. (Legal
Newsline) — Mississippi Attorney General Jim Hood recently announced that the
nation’s three major credit card reporting agencies agreed to change their
businesses practices in Mississippi after allegations of deceptive marketing
activities and making mistakes on credit scores.
Two of the agencies will also
offer free credit report access for the next three years to consumers in the
The agencies – Experian,
TransUnion and Equifax – will pay a total of $7.175 million in penalties.
According to Hood’s office, these three businesses put their own interests
ahead of those of their consumers by not properly verifying debts when creating
their credit score reports.
“There are few documents
more important than credit reports to borrowers, students, homeowners, tenants,
job candidates and service members,” Hood said. “Unfortunately, these
corporations put their business interests ahead of the best interests of
Hood believes the corporations involved focused too heavily on making money and listing debt
to verify the correctness of the debt. Additionally, consumers had to spend
lots of time and effort fighting to get the errors corrected.
“When Mississippi families
were denied loans due to these errors and omissions, it was almost impossible
for them to get a live person on the phone,” Hood said. “When they finally
reached a live person, it was even more difficult to get the errors or
omissions corrected on just one credit report, much less the other two.”