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INDUSTRY UPDATE: All Tax Liens to be Removed from Credit Reports

In 2017, the three National Credit Reporting Agencies (NRAs) – Equifax, Experian, and TransUnion – announced and started to implemented enhanced standards for collecting and updating public record data reported on consumer reports, in accordance with the National Consumer Assistance Plan (NCAP) requirements.

These new standards went into effect on July 1, 2017 and required public records to be reported with a minimum number of consumer PII elements (name, address, social security number and/or date of birth) at a minimum collection frequency (at least every 90 days). These also apply to new and existing public records data on the NCRA’s respective consumer credit reporting databases.

Upon implementing the NCAP enhanced standards, the NCRAs removed all civil judgments and most tax liens from their consumer credit reporting databases. Based on the ongoing review and monitoring of tax lien data that the NCRAs receive from their third-party vendor, all three have decided to cease reporting tax lien data and remove all remaining tax liens from their consumer credit reporting databases in order to ensure compliance with enhanced NCAP public records standards. This will be effective the week of April 16th, 2018.

Bankruptcy public records data is not affected by this decision and will continue to be reported.

To help fill in more of these knowledge gaps, order our Lien and Judgment report so you can still receive lien and judgment data and lower your risk of fallout.

If you’re interested in learning more about the information above, please visit the following sites:

National Consumer Assistance Plan

Consumer Data Industry Association

 

If you have any questions, please feel free to contact us.