The credit reporting industry is gearing up for change next year, when new credit reporting rules take effect. Established players and challengers are launching new products and services designed to capitalise on the changes. In the latest development, Experian has launched a service designed to simplify the process of correcting errors in credit files.The new service, Corrections Exchange, will manage correction requests via access to a registry of credit providers and credit reporting bodies. The registry will route correction requests to the appropriate unit within each lending organisation.The exchange will also maintain information on requests to support credit providers in meeting their reporting obligations.Under the current credit reporting rules, consumers can ask for a copy of their credit file, and if they find an error they can ask for a correction. What will change in March is that the consumer will not have to go to the credit provider that made the incorrect entry to get the file corrected. For example, a bank might refuse credit to an applicant who has an incorrect default notice from a telecommunications company on their credit file. Under the new rules, the consumer would be able to ask the bank to correct the error.Experian's managing director for Australia and New Zealand, Kim Jenkins, said: "The bank will be obliged to fix the error, and to do that it will have to route the request to the telco. "This could involve some operational and compliance risk, which we aim to mitigate with Corrections Exchange."Among other developments in recent months, Veda has launched a consumer service called VedaScore that offers credit reports, credit alerts and a score tracker. The US data analytics company FICO has a similar product that it is marketing to local financial institutions. The Australian Retail Credit Association is building a new consumer website to explain credit reporting and will encourage its members to offer their customers a link to the site.