Reporting Your Credit Data, E-OSCAR, METRO2 & FACTA & CFPB Compliance

CFPB/FCRA Data Furnishers Bulletin!

The September 4 CFPB Bulletin by the CFPB will change the way you handle consumer disputes inside your office and your requirements to report to the National Credit Reporting Agencies.  We expect the other Agencies to send out press releases within the next 2 weeks. Examiners will be reviewing all financial institutions (FI) that either use consumer reports or furnish consumer's pay habits (data) to NCRAs.  This webinar will help you stay in compliance.

Whether you report to one or all four of the National Credit Reporting Agencies (CRA), you are required to comply with the Fair Credit Reporting Act and the Fair and Accurate Credit Transaction Act (FACTA) amendment. It's not what you know that will hurt you-it's re-polluting the consumer's file that can cost your Financial Institution plenty! We will review Federal requirements of the NEW E-OSCAR, and using  METRO-2 format when reporting. We will also discuss the pros and cons of reporting to more than one NCRA (National Credit Reporting Agency), and why you are required to run quality control checks on your data to make sure it is correct, and you are in compliance.

Covered Topics:

  • Your responsibilities under the FACTA-Red Flag Guidelines as a Data Furnisher
  • NEW FACTA Section 312 - Compliance
  • Using E-OSCAR to view and respond to consumer disputes (ACDV Responses)
  • Using E-OSCAR to create and submit interim maintenance requests (AUDs) for previously reported trade-lines
  • Review the different guidelines for reporting to each of the National Credit Reporting Agencies; Equifax, Experian, Innovis, and Trans Union
  • Reporting your information monthly using the METRO or METRO-2 format
  • Reviewing your individual and joint tradeline information in order to be in compliance and reduce risk or class action
  • The Consumer Financial Protection Bureau's (CFPB) new stricter standards for data furnishers will have an impact on your institution regardless of your size

Who Should Attend?

The changes to FACTA will impact everyone in your institution dealing with consumers, credit information, and/or Identity Theft. This informative session is for Branch Managers, Assistant Branch Managers, Customer Service Reps, Lenders, Compliance Officers, Risk Officers, Collectors, and Trainers.