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.
As a data furnisher, you need to be aware of the changes taking place in the Credit Reporting Industry. These changes are being made to satisfy The National Consumer Assistance Plan.
If you are not aware of this plan and you are reporting credit history, please make sure to contact your Credit Bureau Representative and discuss it with them ASAP.