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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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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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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