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 Credit Standards PHASE 2 is on the Horizon

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.

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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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Credit Bureaus’ New Standards might Improve Renters’ Credit Score

With the credit bureaus’ new National Consumer Assistance Plan (NCAP) hot on our heels, it’s starting to look like these future changes could actually improve millions of U.S. credit scores. While a score boost definitely rears in the rental applicants’ favor, these new standards might be a little disconcerting for property managers and property owners where tax liens and civil judgments play an important role in the rental decision.

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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
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