National Consumer Assistance Plan – BIG News for your Credit Report

There are new reasons to take a close look at your credit report – The National Consumer Assistance Plan.

In 2015, all three Credit Reporting Agencies (Equifax, Experian, and TransUnion) agreed to create and enforce this updated set of regulations called the National Consumer Assistance Plan. You can kind of think of it as a booster shot for the Fair Credit Reporting Act.

The Fair Credit Reporting Act (FCRA), enacted in 1970, established important regulations about what can be on a consumer’s credit report, who has access to that information, and how that information must be verified.

The FCRA is a good law, but it is rarely enforced the way it was intended. So legislators, activists, consumer attorneys, and the Consumer Financial Protection Bureau have worked for years to have new regulations established to strengthen the FCRA. The aim is to hold all those who supply information to the credit reporting companies to a higher standard of accuracy.

The new policies of The National Consumer Assistance Plan have 3 goals: improving the accuracy of information on credit reports; making the dispute process easier and more transparent; putting limits on medical debt reporting; and completely eliminating certain kinds of common debts from credit reports.

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These new rules will be phased in over time, but several important ones have already been enacted. Others are set to begin in September of this year.

Here’s what you need to know as an informed consumer:

Creditors and collection companies can NOT report any debt that did not result from a contract to pay – which includes items like speeding tickets, court fines, and tax liens.

Sometimes these kinds of records can lower your credit score by 50 or 100 points. This is BIG news for consumers!

Effective June 2016


Collection companies and debt buyers MUST report the full name of the ORIGINAL CREDITOR with their data.

This makes it easier to spot duplicate records being claimed by multiple collectors.

Effective June 2016


All creditors must wait 180 days before reporting medical claims.

This gives individuals enough time to work with their insurance companies to pay claims.

Effective Sept. 2017


All creditors must DELETE any medical claims paid in full or are in the process of being paid by insurance.

Effective Sept. 2017


All creditors and collection companies must supply a FULL DATE OF BIRTH and SSN (if available) with new record submissions to improve the accuracy of data matching.

This will decrease the likelihood of someone else’s data getting on your report when there is a similar name. It also increases your odds when disputing a collection since it will be even harder for collectors to validate the debt.

Effective Sept 2017


Equifax, TransUnion, and Experian are all at different stages in the implementation of these new regulations. If you see something on your file, or in the file of one of your clients, that is affected by these regulations, a call to the appropriate CRA is in order. They are VERY AWARE of these new standards and can tell you when they expect to be in full compliance.

Take home message:

We expect the National Consumer Assistance Plan to make the NCES Credit Restoration process even more effective and for potential score increases to grow even larger.

Want to see if the National Consumer Assistance Plan regulations can give you the opportunity to give your credit scores a big boost? Dreaming of buying a home? How about starting your own business? Contact us today to learn more! Or visit to schedule a free credit score consultation.

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If you have any questions, please give us a call at 770-952-5168 or contact us online.

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Other articles that may interest you:
What Does My FICO Score Mean?
9 Ways to Overcome Medical Debt
3 Warning Signs You Need Credit Restoration FAST!

This information is intended for informational and educational purposes only and not as legal advice. If you have concerns about your credit report, harassment, identity theft, illegal collections activity, garnishments, or property liens, you should consult an attorney who specializes in consumer rights and defense.

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