To All Collection Agencies and Debt Buyers-New reporting requirements - effective June 1st 2016.

May 12, 2016 by H. S. I. - Equifax - Experian - Transunion

Collection companies and Debt Purchasing Companies

Customers reporting credit / collection data new requirement changes
applicable to all Collection Agencies and Debt Buyers – Is your office prepared?

Requirement – June 1st 2016 activated.

Equifax, Experian and TransUnion announced the National Consumer Assistance Plan’s desire to collect complete and accurate consumer information and provide consumers greater accuracy with consumer reporting agencies about their credit reports.

The plan by Equifax, Experian and Transunion was announced after discussions and an agreement with the Attorneys General of multiple states.

The new plan agreement provides for updates to mandatory data reporting requirements and data collection procedures. The resulting initiatives will impact collection and debt purchasers when furnishing consumer information to one or more national repositories for their collection account reporting. The requirements listed are in addition to reporting requirements of any individual Consumer Reporting Act.

Please use the site link for all details about the new changes.

Copy and paste this link into your browser program.

Then select file and print for a hard copy of the new changes to take effect now.