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:

Property Managers Resident screening Tenant Screening

Your Credit Reports have Changed as of July 1, 2017

The National Consumer Assistance Plan (NCAP) is now in effect! As of July 1, 2017, all new and existing public record data used by Experian®, Equifax®, and TransUnion® will be held to the new NCAP standards. While the implementation of these standards will occur over a three year period (with full implementation expected by March 2018), the three major credit bureaus have begun to take steps to improve data accuracy and quality.

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NCRA

Understanding Credit Reports 101

In celebration of “National Housing Month” and amidst the hustle and bustle of the National Apartment Association (NAA) Education Conference and Expo last week, the National Consumer Reporting Association (NCRA) has released their “Man on the Street” video series! Designed to provide the average person with a basic understanding of what is and isn’t included on a credit report and to emphasize the importance of positive and accurate information, the series is an educational resource for everyone.

Property Managers Resident screening Tenant Screening

What to Do if Your Applicant is on a Visa

While finding a suitable resident for your vacancies, you’ve probably come across applicants who are on a visa. Whether it’s a work or student visa, many of these applicants have no financial background in the United States, and this makes performing a credit check impossible. Everyone in the United States (regardless of whether they’re a citizen, a green card holder, or have a visa) is protected under the Fair Housing Act, which specifically covers “discrimination because of race, color, national origin, religion, sex, disability, and the presence of children.”

Property Managers Tenant Screening
NCAP

3 Major Credit Bureaus will Remove Most Tax Liens and Civil Judgments

Experian®, Equifax®, and TransUnion® have announced that they will be enacting their National Consumer Assistance Plan (NCAP), which will affect the three credit bureaus’ reporting of Public Record data. According to Sandy Anderson, Senior Vice President of Client Operations at Experian®, the reason for this change is because they have determined “that some public record data does not meet minimum data standards and service levels for collection and timely updating.” The following standards (or PII) for a record to appear on a consumer credit report will be applied to new and existing Public Record data on July 1, 2017:

  1. The minimum is required of consumer identifying information: name, address, social security number and/or date of birth
  2. The minimum frequency (at least every 90 days) of courthouse visits to obtain newly filed and updated public records is required
Announcements Legislation
NCRA

Man on the Street: Helping to Improve Consumer Credit Education

Last week, members of the National Consumer Reporting Association’s (NCRA) Education and Compliance Committee including CIC’s Caryn Bennett converged upon New York City’s Times Square to answer basic credit questions from random individuals on the street. The ultimate objective of the project is to educate consumers and to dispel myths regarding consumer credit reports.  They set out to create a basic understanding of what is and what is not included on a credit report and to emphasize the importance of positive and accurate information. A consumer who has a clear understanding of what credit is and how day to day activities have an impact, is more likely to take an active role in keeping the information positive and accurate.  This creates a win-win for both consumers and credit grantors. 

Resident screening Tenant Screening
multifamily legislation

Recent Rental Housing Legislation That May Affect Your Business

Recently there have been changes throughout the country that can affect the way your business must work with applicants during the rental screening process.  If you are affected by any of these changes, be sure your policies are updated, or that you voice your opinion to oppose them before it is too late.

Legislation