On June 9, 2017, Equifax, Experian, and TransUnion launched a new website, http://NationalConsumerAssistancePlan.com, to inform and update consumers about the implementation of the National Consumer Assistance Plan. This plan was initiated by the credit reporting agencies (CRAs) to improve the accuracy of credit reports and make it easier for consumers to correct any errors. Changes in the National Consumer Assistance Plan include:
For the Consumer:
• Consumers visiting www.annualcreditreport.com
will be allowed to obtain a free credit report once a year and access expanded education material.
• Consumers who receive their free annual report, discover an error and successfully dispute it will now be able to obtain a second report at no charge.
• If consumers dispute an item on their credit report and are dissatisfied with the outcome of the investigation, they will be given information about further options.
• CRAs are creating an enhanced dispute resolution process for victims of fraud, identity theft and those who may have credit information belonging to another consumer on their file, commonly called a “mixed file.”
Collection Agencies & Debt Buyers (as of June 15, 2016):
• Must report the name of the original creditor and creditor classification code.
• Should not report debts that did not arise from a contract or an agreement to pay. Including but not limited to certain fines, tickets, court fees, parking tickets, etc. If these debts are reported they will be removed by the CRAs.
Collection Agencies & Debt Buyers (Beginning September 1, 2017):
• Report a full file monthly
o Report all accounts on a monthly basis including open collection accounts, accounts paid in full and accounts requiring deletion or correction.
o Report “Paid in Full” collection accounts before purging from your collection system. Do not re-report paid accounts for more than three months.
o Do not report collections that exceed the seven year reporting period as specified by the Fair Credit Reporting Act (FCRA).
Collection Agencies & Debt Buyers (Beginning September 15, 2017):
• Do not report medical debt collection accounts less than 180 days past the date of the first delinquency.
• Delete accounts being paid (or were paid) in full through insurance (not by the consumer).
All Data Furnishers (Beginning September 15, 2017):
• Report using the newly established minimum reporting requirements for consumer personally identifiable information.
• Report full name, address, full social security number (SSN) and date of birth (DOB). If full SSN is not available, full DOB will be required.
Reporters of Authorized User Data (Beginning September 15, 2017):
• Report full DOB for new authorized users on all accounts
• Report full DOB for newly added authorized users on all pre-existing and newly opened accounts.
What you can do?
• Review the list of initiatives and details of each to understand which changes affect you.
• Forward the information to others within your organization.
• Ensure your organization implements the initiates in all affected systems on or before the effective dates.
• Monitor your data on an ongoing basis to ensure the requirements are met.
• Periodically visit the new website http://NationalConsumerAssistancePlan.com for updates.
If you have any questions about the above, please email email@example.com
also view ACT’s recorded webinar on this topic by clicking here.