Effective September 15, 2017, the three National Credit Reporting Agencies (NCRA) – Equifax, Experian, and TransUnion will be enhancing their ability to report accurate consumer information.
As a follow-up to the National Consumer Assistance Plan that was implemented in March 2015, the following standards for data accuracy and quality will go into effect:
National Consumer Assistance Plan Highlights:
• Medical debts won’t be reported until after a 180-day “waiting period” to allow insurance payments to be applied. The NCRAs will also remove from credit reports previously reported medical collections that have been or are being paid by insurance.
• Consistent standards will be reinforced by the credit bureaus to entities that submit data for inclusion in a credit report.
• Data furnishers will be prohibited from reporting authorized users without a date of birth and the NCRAs will reject data that does not comply with this requirement.
• The NCRAs will eliminate the reporting of debts that did not arise from a contract or agreement by the consumer to pay, such as tickets or fines.
• A multi-company working group will be formed to regularly review and help ensure consistency in the data submitted by data furnishers for inclusion in a consumer’s credit report.
Based on the highlights outlined above, borrowers’ credit reports may be impacted by these changes.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me.
Ron Henderson GRI, RECS, CIAS
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals
BRE #00905793 NMLS #310358
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth