National Consumer Assistance Plan Killing Credit Repair

National Consumer Assistance Plan

More good news for consumers, the National Consumer Assistance Plan was recently announced between the  three major repositories TransUnion, Experian, Equifax and the New York state Attorney General.

So much good news came out of this National Consumer Assistance Plan. I made two videos on it, in this video I will cover how it  will make it easier for consumers to actually dispute errors. The changes regarding how disputes are handled will be one of the most important things that come out of this agreement.

If you have a problem on your credit report, the plan will provide improved instructions on how to go about correcting those report errors at the repository level. If you get a free copy of your credit report at www.annualcreditreport.com and you successfully dispute something, consumers will now get an additional free copy of their credit report. So in this situation consumers now get two free copies of their credit report.

The third thing to come out of this plan is more information after your dispute has been denied. When the creditor validates the debt, in the past  the repositories would just indicate it was validated and give no instructions for further action. Now the repositories will give you instructions on how to proceed. What the next steps are in that situation and what the consumer options are and should make it a less stressful process.

The forth thing is how the repositories handle victims of identity theft. If a consumer is a victim of identity theft they require swift action.  I’ve put together other videos on how to file a police report for a victim of identity theft you can watch them here. The repositories are going to have a special group of people to handle those “identity theft” situations and resolve the disputed accounts that are possibly involved in the identity theft faster than in the past.

That special unit will also be looking at mixed files. Mixed files are a very big problem for juniors and seniors, It’s so important that the name, address, date of birth and social are correct when you pull credit.

If some of that information is the same (like a junior senior) it is very likely a mixed file can be produced. The repositories realize how big of a problem this is, and as a result of  the National Consumer Assistance Plan, consumers will actually have the special group of people to resolve those mixed file situations.

So we have a part two coming up next week, look for the video and don’t forget to check out the podcast in Itunes under the “career” “video section” currently ranked #78.

If you’re looking for other ways to improve your credit score please go to GetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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National Consumer Assistance Plan

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