The plan was developed as an outcome of collaborative discussions with a group of state attorneys general, with a focus on ensuring that the public record data they maintain is as accurate and timely as possible.
The credit bureaus developed public record data standards and service levels for the collection and timely updating of public records supplied by their shared public record vendor. Their focus was on: (i) minimum required consumer identifying information (name, address, social security number and/or date of birth) (“PII”) and (ii) minimum frequency of courthouse visits to obtain newly filed and updated public records (at least every 90 days). These enhanced public record standards will apply to new and existing Public Record data on the credit bureaus’ respective credit reporting databases. The credit bureaus’ preliminary understanding and analysis revealed the following:
- They anticipate no change to bankruptcy public record data;
- They anticipate significant changes to civil judgment public record data as preliminary analysis shows approximately 96 percent of this data may not meet the enhanced PII requirements. It is very likely that these records will not be part of the credit bureaus’ core consumer credit database after the effective date;
- They anticipate significant changes to tax lien public record data as preliminary analysis shows that as much as 50 percent of this data may not meet the enhanced PII requirements.
The effective date for these enhanced public record standards is scheduled for July 1, 2017.
More information on the National Consumer Assistance plan and the enhanced public record data standards is available here.
Source: Experian
Posted: December 5, 2016