Reprinted with permission from RMA Insights, October 1, 2017.

This fall, any RMA members and other industry participants that furnish trade line information about consumer debts to consumer reporting agencies (CRAs) must implement changes to how that data is reported. The Consumer Data Industry Association (CDIA), the trade association for the consumer reporting industry, has announced modifications to the industry’s standard electronic data reporting format called the Metro 2. These modifications arise from a self-regulatory National Consumer Assistance Plan (NCAP) that was first announced in March 2016 in response to a multi-state enforcement action against Equifax, Experian, and TransUnion. The NCAP is designed to enhance the ability of CRAs to collect complete and accurate consumer information and provide consumers more transparency about their credit reports.

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