Equifax’s Security Breach: What is Credit Monitoring?

With 143 million consumers at risk after Equifax’s record setting security breach, millions are left with the question ‘what now?’ There are a few ways to protect yourself from identity theft, and monitoring your credit is one of the safest steps to financial peace of mind. Take a look at our informational guide on how to safeguard your credit report, and why it might be the best decision you make during the fallout from this record-setting breach of data.

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national consumer assistance plan

Phase Two of the National Consumer Assistance Plan is Now in Effect

Phase Two of the credit bureau’s National Consumer Assistance Plan (NCAP) is now in effect! Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018, in the hopes to improve the quality of their public record data. Because of this, industries that depend on credit reports will see a significant change and the multifamily housing industry will need to be prepared.

NCAP’s Phase Two

While it is likely that the bureaus have already implemented parts of these new requirements prior to the effective date, according to TransUnion®’s data reporting initiatives, credit reports will have the following changes:

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Rent Control and Relocation Fees: September Multifamily Legislation Threatens Industry

The time has come for our quarterly legislation update! With this September’s multifamily legislation carrying bills that threaten rent control, relocation fees, and game changers regarding eviction records, there are quite a few bills you should be following.  As we’ve seen with rent control and ban-the-box legislation this past year, it is easy for a bill in one state to become a popular trend for other states. Take a look below at what September has in store for multifamily legislation.

Legislation

How to Protect Yourself from the Equifax Data Breach

On September 7th Equifax had a major security breach that potentially compromised 143 million consumer’s personal information. The information accessed includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed.

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New Restrictions on Credit Reports Effective Next Week

With September 15th just around the corner, you’ll want to prepare your staff for the next phase of the three credit bureau’s National Consumer Assistance Plan (NCAP). Aiming to improve the quality of their public record data, Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018.

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Seattle Outlaws Multifamily Criminal Screening

On August 23rd, 2017 Ed Murray, the Mayor of the City of Seattle, signed into law an ordinance restricting the use of criminal background information for resident screening. Aiming to lower the barriers to housing for applicants who have ‘served their time’, the law holds the same sentiment as the city’s Fair Chance Employment ordinance, but puts the burden on the multifamily industry this time. This law will become effective 30 days after it is expected to be signed, on September 23rd, 2017.

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