FCRA Review and Update

WHAT? The Fair Credit Reporting Act (FCRA) has been around since the 1970s. The law was fairly straightforward for many years. Then the Fair and Accurate Credit Transaction Act (FACTA) became law on December 4, 2003. The FACT Act revised the FCRA. The revisions, which unfolded over an eight-year period, resulted in substantial changes for all financial institutions.

To understand the various provisions of the law today, research must include both the FCRA and FACTA and the Consumer Financial Protection Bureau's (CFPB) Regulation V and the Federal Reserve Board's (FRB) Regulation V. It is all a bit of a jumble.

WHY? We will review the numerous subparts and appendices in both the CFPB's and FRB's Regulation V and the FCRA and FACTA. Although none of the provisions is new, program participants frequently comment that they never heard of some of the sections discussed. Ignorance of the law is not an acceptable excuse for violations. If any member of your staff is not familiar with the provisions listed below they need this program.

Program participants receive a detailed manual that provides a thorough explanation of all the FCRA requirements.

Covered Topics:

  • Affiliate Marketing
  • Medical Information
  • Duties of Furnishers of Information
  • Duties of Users Regarding Obtaining and Using Consumer Reports
  • Duties of Users Regarding Risk Pricing
  • Duties of Users of Consumer Reports Regarding Identity Theft
  • Duties of Users of Consumer Reports Regarding Address Discrepancies and Records Disposal
  • Identity Theft Red Flags
  • Duties of Consumer Reporting Agencies Regarding Identity Theft
  • Duties of Consumer Reporting Agencies Regarding Disclosures to Consumers
  • Miscellaneous Duties of Consumer Reporting Agencies
  • Truncation of Numbers
  • Providing Information to Victims
  • Blocking Information
  • Repollution
  • Investigation Coordination
  • Debt Collection Communications
  • Free Credit Reports
  • Disclosure on Opt-Out of Prescreened Lists
  • Disclosure of Credit Scores and
  • Notice of Negative Information.

Who Should Attend?

Compliance officers, operations personnel, loan officers, loan originators, auditors and others involved in originating and servicing loans