Enhanced Standards for Public Records

Enhanced Standards for Public Records on Credit Reports (and What It Means for Lenders)

Recently, the credit bureaus released a statement that they will be implementing “enhanced standards for public records”. But what does that mean for lenders? With these “enhanced standards” as part of their National Consumer Assistance Plan (NCAP), TransUnion, Experian, and Equifax appear to be taking aggressive measures to ensure compliance with the Fair Credit Reporting Act (FCRA). According to the credit bureaus’ press release CDIA public statement: The new standards will apply to new and existing public record data on their respective credit reporting databases