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Course/Product Description
Title:

Fair Credit Reporting Act Compliance – Ten Critical Issues

SKU:WT-1002896
Format: Webinar
Description:

Fair Credit Reporting Act Compliance – Ten Critical Issues

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.

Covered Topics:

  • 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



Your Presenter

Susan Costonis is a compliance consultant and trainer. She frequently provides consulting services to financial institutions regarding fair lending and other compliance management issues. Her 37 year career in banking and training began with 20 years at First National Bank, an affiliate of Wells Fargo Bank, in Fort Collins, CO. Susan has been a bank compliance consultant or compliance officer in Louisiana since 1998.

During her career, Susan has successfully managed compliance programs and exams for institutions supervised by the OCC, FDIC, and Federal Reserve. She is a Certified Regulatory Compliance Manager and completed the ABA Graduate Compliance School and the Graduate Banking School of the University of Colorado. Susan regularly presents seminars to financial associations.

Licenses / Designations / Educational Credits:CEU
About The Provider: Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.

For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.

We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.

Webinar Descriptions:

Live Session:
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.

Recorded CD:
CD-Rom includes audio and video of recorded webinar plus hard copy handouts. You will also receive 6 months access to the OnDemand weblink as an added free bonus.

OnDemand:
Includes a weblink for unlimited viewing for 6 months after the date of the webinar as well as a link to handouts.

Live + Recorded:
Includes all three options above. Live session, OnDemand Weblink, and CD-Rom plus Hardcopy Handouts.

Live + OnDemand:
Includes two of the options above. Live session and 6 months access to OnDemand Weblink plus link to handouts.
Price: $265.00
More Info: Contact Us For More Information
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Currently Scheduled Dates For This Webcast
Course TitleDatePrice
Fair Credit Reporting Act Compliance – Ten Critical Issues CD/On-Demand$325.00

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