“How the National Consumer Assistance Plan Enhances Your Credit Report Accuracy”
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Welcome to “How the National Consumer Assistance Plan Enhances Your Credit Report Accuracy”! In this video, we explore how the National Consumer Assistance Plan (NCAP), a result of the 2015 settlement between New York Attorney General Eric T. Schneiderman and the major credit bureaus, improves credit reporting practices and benefits you.
Key Points Covered:
Stricter Reporting Requirements for Negative Listings:
Enhanced data furnisher requirements: Must include your date of birth for negative listings.
Establishment of the National Credit Reporting Working Group for consistent reporting standards.
Medical Debt Reporting:
180-day waiting period before adding unpaid medical debt to your credit reports.
Removal of negative listings once the insurance company pays.
Exclusion of Certain Debts:
Debts from unpaid tickets or government fines are no longer listed on credit reports.
Improvements in Credit Report Disputes:
Immediate access to revised reports after a successful dispute.
Human review required if an automated system rejects your dispute.
Clear guidance on next steps if you’re unhappy with dispute outcomes, including filing a complaint with the CFPB.
Addressing Identity Theft and Mixed Files:
Comprehensive review of fraudulent listings.
Nationwide adoption of NCAP by attorney generals in 31 states.
Steps to Take If You Find Errors:
Dispute errors with credit bureaus first.
If unresolved, dispute directly with the original creditor or collection agency.
National Consumer Assistance Plan
Credit report accuracy
Credit report disputes
Medical debt reporting
Identity theft credit report
Enhanced data furnisher requirements
Exclusion of government fines from credit reports
Immediate access to revised credit reports
Human review of credit disputes
How to dispute credit report errors
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