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.
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.
On September 15th, 2017, the second phase of the National Consumer Assistance Plan (NCAP) will go into effect, and while you might be reeling from the first phase, it’s important to know what credit changes are on the horizon. This next big push will affect medical debt collection accounts.
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.
Staying aware of recent legislation is important to protect your property and get the quality screening information you need. Within the past few months, various states have passed minor credit freeze bills. If your property is in California, Hawaii, Missouri, Nebraska, or Kansas, then these bills may affect you if signed into law.
Minor freeze bills move in several states:
Anyone who has ever rented an apartment knows that a credit score is one of the most important qualifiers property managers use when making a decision to offer a lease to a prospect.
While renting and credit have always had a connection during the lease approval process, it wasn’t until paid-as-agreed rental payment history data was added to credit reports that renters could build their credit history after a move-in by paying their rent on time.
Improving your credit score may seem daunting, but there are numerous ways you can begin improving your score today. Rather than feeling overwhelmed, taking a look at what you can do day by day to improve your score will help you in the long run.