Big Changes to Credit Reports

Jul 28, 2017

In March, it was announced that Equifax, Experian and TransUnion, the 3 major credit reporting agencies, would start holding public data to new standards (after July 1). Now, public record data must include consumers’ name and address, as well as their Social Security number or date of birth, to appear on their credit file, according to the Consumer Data Industry Association.

Before the Decision Was Made

In 2015, Equifax, Experian, and TransUnion settled a lawsuit by a group of state attorneys general who claimed that millions of consumers were hurt by inaccurate credit reports. The companies agreed to introduce changes aimed at reducing the number of “mixed files” and apply a number of procedural changes with the purpose of improving the accuracy of these reports. The final part of this agreement goes into effect on September 15.

With this in mind, turn to a reputable payment processor like if you need a reliable credit repair merchant account for your business. EMB, the #1 high risk processor in the US, offers exceptional merchant account services and the lowest possible rates in the industry. is rated A+ by the BBB and A by Card Payment Options. Moreover, EMB is named one of Inc. 500’s Fastest Growing Companies of 2016. EMB guarantees high approval rates. Bad credit isn’t a problem for EMB.

The agencies’ response to the above-mentioned was the National Consumer Action Plan, which is called to make credit information more transparent for consumers. Also, the plan doesn’t allow the agencies to include medical debts on credit reports until after 180 days to allow insurance payments to go through. Moreover, specially trained employees must be hired by the bureaus who’d deal with credit disputes and allow consumers to obtain an additional free credit report if they find an error on their free annual credit report.

What to Expect

Based on the analysis conducted in March by FICO, the most common provider of credit scores, the majority of people won’t see a major impact on their credit scores. A judgment or tax lien will be removed from the credit files of nearly 7% of people with FICO scores, or nearly 15 million of the 220 million Americans with scores.

Public records such as bankruptcies, tax liens, and civil judgments won’t be removed from credit reports for 7 years. However, the majority of people having items removed will experience score increases of less than 20 points, according to FICO.

The agencies are going to provide updated information on public records at least every 90 days.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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