The Fair Credit Reporting Act (FCRA) is one of the more complex rules in the banking industry, due partially to the fact that it’s been updated several times over the years. As well, the consumer credit reporting process has been a primary area of focus by the regulations, especially the CFPB. There are many concerns and landmines within the credit reporting process. There are also many notices that must be provided under the FCRA, and knowing when to provide what notice can be complicated. The dispute process under the FCRA is also an area of concern – make sure you’re doing things correct.
What You’ll Learn
- Basic FCRA definitions and requirements – what is a “consumer report” and a “consumer reporting agency (CRA)”?
- When can you obtain a credit report in the first place?
- What you can and cannot do with credit reports
- Adverse action and required notices under the FCRA – different from Regulation B
- Fraud Alert provisions
- Blocking of information due to ID theft or fraud
- Limitations on Medical Information
- Enhanced Consumer Access to Credit Information: Credit Score availability and factors affecting the score
- Notification of Reports of Negative Information
- Risk-Based Pricing Notices and sample forms
- Red Flag Guidelines and the Identity Theft Prevention Program
- Opt-out provisions and notices
- Prescreened solicitations – rules and requirements
- Sharing of information with affiliates
- Duties of accuracy and integrity of information you report to the credit bureaus
- Consumer dispute provisions
Who Should Attend
Anyone who deals with credit reporting responsibilities at your institution, and the consumers who are affected, would benefit from attending this session.