Fair Credit Reporting Act (FCRA) Compliance – 10 Critical Issues Webinar
The Fair Credit Reporting Act has been in effect since 1971, but has been amended substantially over the years, most recently by significant changes in the FACT Act. Even though this regulation is an “oldie but goodie”, there are still many issues and violations have been cited. – see complete description below.
The Fair Credit Reporting Act has been in effect since 1971, but has been amended substantially over the years, most recently by significant changes in the FACT Act. Although this regulation is an “oldie but goodie,” there are still many issues, and violations have been cited. See complete description below.
Webinar Description and Audience
According to a study conducted by the Federal Trade Commission (FTC), 26% of credit reports examined included at least one “potentially material” error in one or more of the three credit reports from Experian, TransUnion or Equifax. Some of these errors can negatively affect a consumer’s credit score by up to 100 points.
The Fair Credit Reporting Act has been in effect since 1971, but has been amended substantially over the years, most recently by significant changes in the FACT Act. Even though this regulation is an “oldie but goodie”, there are still many issues and violations have been cited.
The CFPB tracks complaints, and the “credit reporting” complaint category has increased focus by all the regulators. In addition, increased identify theft, fraud, and cyber crime have a direct relationship to the potential for inaccurate credit reports. There are numerous compliance challenges, ranging from what you can tell one joint applicant about the other applicant’s credit, to when the FCRA portion should NOT be included with the adverse action form.
What should your bank or credit union be doing to reduce the compliance risk of complaints and FCRA violations? Join us for a discussion of 10 issues that should be addressed in an effective FCRA compliance program.
- What are the key definitions in the Fair Credit Reporting Act for “person”, “consumer” “consumer report” and “consumer reporting agency”?
- What are the permissible purposes for a consumer reporting agency to furnish a consumer report?
- What requirements must be followed by the USERS of consumer reports? There is increased emphasis on evaluation of “consumer harm” by regulators. Is your financial institution responding appropriately to direct disputes from consumers? What about the response to disputes and e-Oscar* inquiries from the national credit reporting agencies? (* stands for Online Solution for Complete and Accurate Reporting)
- What are the responsibilities to “furnish” accurate information?
- Is there a restriction on sharing credit and debit card numbers on electronic receipts?
- How should “negative” credit performance information be provided?
- How should adverse action/FCRA notices be given?
- Credit score disclosure notices – what’s required?
- Use of medical information – what are the rules?
- Exam procedures for FCRA – highlights and best practices.
Who Should Attend?
Customer service representatives, branch managers, lenders, loan operations, credit administration, compliance personnel, collectors, and anyone who pulls credit reports, processes loan applications, or responds to questions about credit reports in the lending process
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.