Core Recording: Duties of Data Furnishers Under the FCRA
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Consumer reporting practices are a top compliance priority for the Consumer Financial Protection Bureau (CFPB). The Fair Credit Reporting Act (FCRA) and its implementing Regulation V require data furnishers to adopt reasonable policies and procedures surrounding the accuracy and integrity of their furnishing practices, to notify certain consumers prior to furnishing negative information, and to respond to consumer disputes and claims of identity theft and fraud. Consumer Reporting Agencies (CRAs) may also implement additional reporting policies and while such policies do not amend the law, they do present additional considerations furnishers should address in a Compliance Management System (CMS) and resulting business practices.
This course will prepare participants to:
- Understand how the FCRA and Regulation V work together to prescribe regulatory requirements;
- Apply FCRA, Regulation V, and CRA accuracy and integrity standards when reporting consumer information;
- Differentiate between Direct and CRA dispute investigation requirements;
- Recognize alerts and respond to claims of identity theft and fraud;
- Certify a permissible purpose when obtaining and using consumer reports; and
- Incorporate effective policies and procedures into a Compliance Management System (CMS).
How you will benefit:
Ensure your company is FCRA compliant by answering relevant questions about your business practices. Get feedback from peers and industry experts to help you overcome your FCRA challenges.
Professional Development Units
You will earn .75 PDUs for this online seminar, which can be applied toward ACA’s Credit and Collection Compliance Officer (CCCO) and Scholar and Fellow designations.
*Please note, credit will be provided ONLY to individuals who have paid to attend this seminar. Anyone sitting in with a paid participant is not eligible to receive credit.