Description
Understand the Fair Credit Reporting Act and the role it plays in regulating the behavior of credit reporting agencies and creditors.Before enacted laws and regulations, credit reporting was a subjective process that was invasive to consumer privacy and difficult to address errors. Information regarding consumers’ private disposition was held in secret databases with access limited to creditors and public agencies.This presentation explains the implementation of the FCRA and the role it has played for decades in ensuring the privacy of consumers and regulating the behavior of credit reporting agencies and creditors toward consumers’ right to privacy and right to address misinformation on their credit reports. We will also explain the repercussions of bad behavior by these entities and the remedies available to consumers whose rights are violated.
Date: 2023-02-14 Start Time: End Time:
Learning Objectives
History and Purpose of the FCRA
• When Was the FCRA Enacted, and by Whom?
• What Was the Purpose of the FCRA?
• Who Enforces the FCRA?
Permissible Purposes of Consumer Reports
• Circumstances in Which a CRA Can Furnish Personal Credit Reports
• Disclosure Obligations to Consumers
• Conditions on Use for Adverse Actions
Information Excluded From Consumer Credit Report
• Bankruptcy Information Beyond Ten Years of Discharge
• Exempted Cases
• Running of Reporting Period (7-Year Rule)
Information Required to Be Disclosed on a Credit Report
• Personal Information
• Key Factors Affecting the Credit Score
• Dispute and Disclosures Actions by the Consumer
Identity Theft Prevention
• Security Freezes
• Fraud Alerts
• Access to Free Reports
Civil Liability for Negligent Noncompliance
• Damages
• Enforcement
• Responsibilities of Furnishers of Information to Consumer Reporting Agencies
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Tim Sanders-Credit Repair of Florida
