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Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX

I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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Your Credit Score Just Got Better

Any fix to your credit report will be updated immediately, according to new rules for credit reporting agencies.

| BY Kent McDill

It’s a three-digit number known as your “credit score”, and everyone tells you how important it is to future financial plans.

Now you are getting some assistance in making sure your credit score provides the correct number.

An agreement has been reached with New York Attorney General Eric Schneiderman stating that the three largest companies that collect and disseminate credit information on more than 200 million Americans will alter the manner in which they handle credit report errors and also the timing upon which they list unpaid medical bills. The new rules will apply to consumers across the United States.

The credit agencies get their information from banks and collection agencies and create a credit report and score based on payment history and debt. The credit score determines the worthiness of a consumer to get loans and the interest rate they can receive. 

The announcement is part of the broadcast industry overhaul of credit score reporting in more than a decade. The companies involved are Equifax Information Services, Experian Information solutions and TransUnion.

 The changes that were agreed to include:

·         Offering consumers more educational material about their credit report at www.annualcreditreport.com, a website that allows consumers to obtain a free credit report from each of the agencies once a year.

·         Providing a free credit report at any time to a consumer who reported credit report errors after receiving their annual credit report.

·         More information made available to the consumer after they dispute credit report information, and further instruction on what they can do if they are not satisfied with the outcome of the dispute.

The credit reporting companies also discussed new methods for dealing with the credit reports of consumers who are proven victims of identity theft and credit fraud.

One major credit report complaint is in regard to medical bills, which often remain open for long periods of time as consumers negotiate with insurance companies over payment. The credit agencies agreed not to report medical debts until after a 180-day waiting period to allow insurance payments to be applied. The credit reporting agencies also said previously reported medical collection efforts will be removed if they have or are being paid by insurance.

Also no longer included in credit reports will be debts incurred by consumers from sources that do not require a contract or prior agreement with the consumer, such as traffic tickets and other types of fines.




About the Author

Kent McDill


Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.