The National Consumer Assistance Plan is an initiative launched by the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion – to make credit reports more accurate and make it easier for consumers to correct any errors on their credit reports. 

Under the plan, which was launched in March, 2015, the three companies are taking a number of steps to improve data accuracy and quality and make it easier for consumers to understand their credit information. The companies are implementing the plan over a three year period with full implementation of the plan expected by March 2018.

Among the highlights

Consumers who obtain their free annual credit report and dispute information that causes the report to be modified will be able to obtain another free credit report without waiting twelve months.

Medical debts won’t be reported until after a 180-day waiting period to allow insurance payments to be applied. The credit reporting agencies will also remove from credit reports previously listed medical collections that have been or are being paid by insurance.

Debts that did not arise from a contract or agreement by the consumer to pay, such as traffic and parking tickets or fines, will not be included or appear on consumer's credit reports.

The credit reporting agencies will provide special attention to consumers who are victims of fraud or who have credit information belonging to another consumer on their file. Consumers will receive improved communications about their credit report disputes, explaining additional options available if they are unsatisfied.

While the most recent comprehensive study showed that credit reports are materially accurate 98% of the time, the three credit bureaus are constantly looking for ways to make further improvements. The National Consumer Assistance Plan reflects their commitment to helping consumers understand and manage their credit information.

For more information, and a full list of items being implemented under the National Consumer Assistance Plan, visit our plan highlights.

© NMS 2021