Fair Credit Reporting Act (FCRA) for Compliance Professionals
Course Number: FCRACP1
Course Code: ABA 037
Recognizing consumer protection is a hot topic, this course provides the key conceptual and practical information necessary to successfully apply the FCRA and Fair and Accurate Credit Transactions Act (FACTA). It covers key terms, processes, notices, disclosures, regulatory issues and risk mitigation strategies.
After completing this course, students will be able to:
– Describe the specific limitations on obtaining and using medical information in credit decisions
– Explain the restrictions on sharing data obtained in consumer financial reports, and the consumer’s rights of notification and choice in this matter
– Cite the consumer notices and disclosures that are required when credit decisions are made using data from a consumer financial report
– Develop and implement an appropriate response process for your institution when information in a consumer report is disputed
– Explain the rights and responsibilities of consumers, furnishers and CRAs when fraud alerts are placed on a consumer report
ABA Diplomas/Certificates: This course applies to the ABA Certificate in Lending Compliance.
Audience: Compliance professionals including compliance managers, officers, and other compliance team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, auditors and lending compliance professionals