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 you to:
Describe 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.
Incorporate effective policies and procedures into a Compliance Management System (CMS).
Estimated time for completion: 2 hours
Professional Development Unit (PDU) points: 2
Introduction to Collection Industry Compliance OR
Understanding and Responding to the CFPB’s Expectations
Required for the following ACA Designations:
Credit and Collection Compliance Officer (CCCO)