Credit Reporting Agencies

Update: Credit Industry Reform

Update: Credit Industry Reform

An update on the National Consumer Assistance Plan

On March 8, 2015, Equifax, Experian and TransUnion (CRAs) entered into a settlement agreement with the NY Attorney General along with 31 additional AGs from other states. Upon entering the agreement, the CRAs announced that they would address a number of credit reporting industry problems, including their dispute process and how they handle unpaid medical debt. This agreement is referred to as the National Consumer Assistance Plan.

The credit reporting industry overhaul is taking place nationally over the course of three plus years with 2018 as the deadline to have all changes made. The overhaul will be implemented in three phases (detailed below) to allow the CRAs to update their IT systems and procedures with data furnishers.

To date, changes to websites and other technical tasks have been acomplished. A change to be implemented this September will address the dispute process. The CRAs will be using trained and empowered employees to review the documentation accompanying disputes. And, if a furnisher says its information is correct, the credit reporting agencies must still look into it and resolve the dispute.

In addition, the credit reporting overhaul will require CRAs to wait 180 days before adding any medical debt

Consumer Reporting Agencies

What is a Consumer Reporting Agency?

The term "consumer reporting agencies" is a statutory term defined by the Fair Credit Reporting Act (the "FCRA"). Consumer reporting agencies are often referred to as "credit bureaus" or "credit reporting agencies." Under the FCRA, a consumer reporting agency is a company that collects information and provide reports on consumers that are most often used to decide whether to provide consumers credit, insurance or employment. The following is a list of companies that identify themselves as consumer reporting agencies:

National Consumer Reporting Agencies

  • Equifax
  • Experian
  • Trans Union