Course Description
The Fair Credit Reporting Act is a federal law
regulating the collection, dissemination, and use of consumer information,
including consumer credit information in the United States.
Why does it matter how information about your
credit is used?
Whenever you
apply for a credit card,
a car loan, a mortgage loan, or any other form of credit, the issuing company
checks your credit history to assess your creditworthiness. The terms you are
offered for credit (such as a loan) may be based in part on your credit score
and information in your credit report.
Your credit
history affects more than just your ability to get loans or the annual
percentage rate (APR) on your credit cards. For instance, prospective landlords
could check your credit report to see how creditworthy you are when deciding
whether they can trust you to pay your rent on time.
In some states,
employers may check your credit report for hiring
purposes. Also, depending on the state, insurance companies may check your
credit to determine whether to offer you coverage.
This CPE webinar
addresses the roles and responsibilities of the FCRA and its impact on the
recording requirements of Consumer Reporting Agencies (CRAs) including retention
of negative information, liabilities for consumer notification, and provision
of consumer credit reports.
In addition to the well-known “big three” of
Experian, Equifax, and Trans Union, other organizations retaining records on
consumers’ medical records and payments, insurance claims, residential and
tenant history, check-writing history, and employment
history may also be classed as a Nationwide Speciality Consumer Reporting
Agency and fall within the remit of the FCRA.
The Consumer Financial Protection Bureau
(CFPB) has undertaken the role of enforcing the FCRA including consumer rights,
responsibilities of furnishers, and responsibilities of users.
Like many consumer protection statutes, the
Fair Credit Reporting Act presents unique compliance challenges for creditors
and other data furnishers of consumer credit information. From responding to
disputes made through the various credit bureaus to direct consumer disputes your
company must have proper policies and procedures in place to comply with the
law and to ensure compliance with recent CFPB mandates.
The CPE webinar on Business Law will address FCRA requirements for information retention and reporting as well
as the impact of the CFPB Continuous Supervision program and the Internal
Review Process.
