Description
Stay compliant with credit reporting regulations and avoid litigation risk.Debt collectors, mortgage servicers, and finance companies remain at the center of litigation and regulatory scrutiny. Collectors are subject to extensive rules and limitations concerning credit reporting and credit reporting disputes under the Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Suits under the FCRA are increasing, and adverse verdicts for FCRA violations can be substantial. This topic will discuss the history of the FCRA and the FACT Act, as well as recent developments in credit reporting litigation. The program will provide an overview of regulated conduct, the practical implications on regulated entities, and best practices and procedures to ensure compliance. The program will also highlight litigation risks and potential defenses, as well as interaction with state law. This presentation will provide an overview of the evolving regulatory landscape with regards to credit reporting to assist with compliance obligations and to avoid litigation risk.
Date: 2022-11-17 Start Time: End Time:
Learning Objectives
Overview of the FCRA and FACT Act
• Who Is Covered?
• Furnisher vs. Consumer Reporting Agency
• What Conduct Is Regulated?
• Consumer Reporting
• Data Accuracy
• What Damages Are Recoverable?
• FACT Act Changes
FCRA Duties
• Duties of Credit Reporting Agencies
• Accurate Data
• Data Security
• Required Disclosures
• Addressing Disputes
• Identity Theft and Special Reports
• Duties of Furnishers
• Accuracy of Reporting
• Duty to Correct and Update
• Duty to Investigate Disputes
Best Practices for CRAs and Furnishers
• Ensuring Accuracy and Integrity of Data
• Direct Dispute Handling
• Indirect Dispute Handling
• Identity Theft Practices
FCRA Liability and Litigation Issues
• Willful Versus Negligent Violations
• Standing to Sue
• Reasonableness of Investigations
• Accurate Versus Misleading
• FACT Versus Legal Disputes
• Bankruptcy
• Pay Status
• Dispute Codes
• Interaction With State Law
• Interaction With Other Federal Statutes
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.
Walter J. Buzzetta-Stradley Ronon Stevens & Young, LLP, Adam M. Kaplan – Stradley Ronon Stevens & Young, LLP
