An agreement between 31 Attorneys Generals and the major personal credit reporting agencies – Equifax, Experian and Trans Union will soon change credit reporting. Under the settlement, credit reporting agencies must require collection agencies that report data to “regularly reconcile” information about accounts that haven’t been paid in full.collection agency fails to update the account for at least six months, the account will either have to be removed or “suppressed,” meaning the debt wont be shown to companies that order the report, and that the debt won’t be used to when calculating your credit scores.The new agreement also prohibits collection agencies from “reporting debt that did not arise from any contract or agreement to pay (including, but not limited to, certain fines, tickets, and other assessments)”

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