Experian, TransUnion, and Equifax issued a
memo in March to all data furnishers providing notification of upcoming changes
and new initiatives to certain furnishing requirements. These new furnishing
requirements were first announced by the consumer reporting agencies and
the Consumer Data Industry Association in 2015.
Two of these mandatory data reporting requirements affecting collection
agencies and debt buyers will go into effect on June 15, 2016:
- Report the name of the Original Creditor and Creditor Classification Code
according to the Metro 2® format (all fields are required for each
item or account reported.)
- Do not report debt that did not arise from a contract or agreement to pay,
including but not limited to things like traffic tickets, certain fines,
library fees, court fees, etc.
It is strongly advised that all furnishers begin implementing these initiatives
on or before this date. They are also advised to review the list of initiatives
and the details that follow to understand the changes, and to monitor
data on an ongoing basis to ensure that all requirements are met.
Other process requirement and furnisher reporting changes will take effect
later this year and in late 2017. For more information on these initiatives,
you can contact Experian, TransUnion, and Equifax via the email addresses below.