Creditech would like to take this opportunity to reach out to our clients regarding new initiatives by the three major credit reporting agencies in the U.S., TransUnion, Experian and Equifax. The initiatives are designed to maintain the most accurate credit reporting records for consumers.
The new plan will enhance credit reporting agencies’ (CRA’s) ability to collect complete and accurate consumer information and will provide consumers with more transparency regarding the accuracy and quality of information reported on their individual credit report.
The following changes will become effective 9-15-17:
- Minimum reporting requirements have been broadened to include a full social security number or full date of birth along with full name and address
- Medical debt will now not report until the account is at least 180 days delinquent.
As a reminder of a previous initiative, debts that did not arise from a contract or agreement to pay can no longer be reported on a consumer’s credit report. (Examples: certain fines, tickets, library fees and other assessments).
What does this mean to you as our client?
- Creditech would like to ensure all of our clients that we will continue to utilize all methods of collections available to us to ensure the greatest recovery on current and future accounts.
- We do request all of our clients to make themselves familiar with these initiatives and provide us with the minimum reporting information when available.
Creditech appreciates your support and assistance with the new changes to credit reporting. Should you have any questions regarding the upcoming changes or credit reporting in general, please feel free to contact our support office at 800-555-5695.
