Enhancing Credit Report Accuracy

Establish National Credit Reporting Working Group to review and identify best practices.

Require all data furnishers to use the most current reporting format.

Eliminate the reporting of debts that did not arise from a contract or agreement by the consumer to pay, such as traffic tickets or fines.

Prohibit medical debts from being reported on credit reports until after a 180 day waiting period to allow insurance payments to be applied.

Remove from credit reports any previously reported medical collections that have been paid or are being paid by insurance.

Require debt collectors to include original creditor information with each account being reported for collection.

Require debt collectors to regularly update the status of unpaid debts and remove debts no longer being pursued for collection.

Monitor data furnishers for adherence to the announced reporting requirements and take corrective actions against data furnishers for noncompliance.

Enhancing Consumer Experience and Understanding of Their Credit Reports

Eliminate any policies requiring that consumers obtain a credit report before filing a dispute.

Promote annualcreditreport.com on the nationwide credit reporting agencies’ websites.

Provide special attention to consumers who are the victims of fraud, identity theft or who have credit information belonging to another consumer on their file.

Provide consumers who successfully dispute an error on their free annual credit report with the right to request an additional free report without waiting for a year.

Implement a process to share death notices received by consumers or their personal representatives across the three credit agencies. Implement a process to share information across the three credit companies in situations where a data furnisher inaccurately reports a consumer as deceased.

Provide additional educational content about credit reports, and the dispute process.

Establish and complete a media campaign including public service announcements and paid newspaper, radio and television ads which promote consumers’ rights to obtain their free annual credit report and encourage consumers to review their credit reports for accuracy and dispute any errors with the credit reporting agencies.

Provide additional information in consumers’ dispute response letters about the dispute process, how their disputed accounts changed following their dispute, and what they can do if they are not satisfied with the outcome of their dispute.

Monitor data furnishers dispute responses and take corrective actions against data furnishers for noncompliance with their dispute investigation responsibilities.

© NMS 2017