Agencies To Overhaul How They Report Credit Scores

Equifax, Experian and TransUnion, the three biggest companies that collect and disseminate credit information, have agreed to change the way they report credit scores under an agreement being announced Monday.

The changes will take effect over the next three years or so and will impact how the industry handles reporting errors and how they list unpaid medical bills.

Credit scores can determine whether people can rent apartments, get home or car insurance or in some cases find a job.

Here & Now's Jeremy Hobson speaks with Jill Schlesinger of CBS News about the what the change means and the impact it will have on credit score reports.