Hood: Credit reporting agencies’ actions hurt consumers

Attorney General Jim Hood (WJTV photo)

JACKSON, Miss. (AP) – Mississippi residents will receive three years of free access to their own credit reports under an agreement three credit reporting agencies have made with the state’s top legal officer.

Attorney General Jim Hood says in a news release Wednesday that Experian, TransUnion, and Equifax agreed to overhaul their business practices after an investigation showed they made mistakes on consumers’ credit reports and engaged in deceptive marketing practices.

Hood started investigating in 2013 after receiving complaints. He says the agencies failed to properly verify people’s debts and failed to delete paid or expired debts from credit reports.

Beginning in November, Mississippi residents can receive the three years of free credit reports and one free FICO credit score per year for three years.

The agencies will pay the state nearly $7.2 million.

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