Reading consumer credit reports used to be simple! Today, with the average credit report exceeding 7 pages in length, it practically takes a forensics degree to decipher the data and material therein. Fear not, valiant banker, credit union staffer, or consumer! We'll help you become fluent in the language of credit reports faster than you can say, "Experian, Equifax, and Trans Union" (the BIG 3 National Credit Report Agencies (NCRAs). During this session we will analyze consumer credit reports from the NCRAs. We will review the different file formats of these reports, as well as the best add-on products available through each NCRA. We will discuss the differences in the credit report and scores that the consumer receives from an NCRA versus- the credit reports and scores that are used by your FI. Further, we will discuss issues related to credit scores and identity theft, as well as discussing red flags that will help you spot and prevent identity fraud.
This session will also cover the CFPB studies that compelled the Fair Isaacs Company to rework their credit scoring models—a decision that affects every MODEL your FI will purchase from these agencies. Likewise, we'll examine how consumer fraud can be avoided at the beginning of the application process. And, of course, this program will take an exhaustive look at the myriad of issues related to the FCRA (Fair Credit Reporting Act), FACTA (Fair and Accurate Credit Transaction Act) amendment, and the CFPB (Consumer Financial Protection Bureau) rulings on creditor compliance.
Because of the fast-paced nature of this informative session, our speaker requests you notify us of the products your institution uses. Please send an email to firstname.lastname@example.org with the following information: (1) NCRA credit report(s) used by your FI, and the various file formats, (2) fraud alert products, and (3) credit scoring models your institution uses. It's not what you know about creditor compliance that will hurt you in lending- it's what you don't know!
- Overview of the Different "Credit Files" from the BIG 3 NCRAs: Experian, Equifax, and Trans Union.
- Explanation and Review of an NCRA Dual-Merge or Tri-Merge Report
- Permissible Purpose & Credit Report Pulling: Understanding the Rules and Regulations of Requesting Reports
- Benefits and Disadvantages of Each NCRA Report: The Pros & Cons of Experian, Equifax, and Trans Union
- File Comparisons: How to Determine the BEST Report for Your Community. Scout's Honor: This Process is Easier Than You'd Expect!
- Understand Why Selecting the Best Credit Report Will Help You Offer Better Loans
- Enhanced Credit Report: Using Beefed-Up Credit Reports for Collections and Skip-Tracing Purposes
- Debt-to-Income Comparison: Which Credit Report is the Best for Determining a Consumer's Debt-to-Income Ratio?
- Reasons Why You Should Rely on Consumer Reports, as well as ChexSystems, to Open Deposit Accounts
- The Hiring Process: Using Consumer Credit Reports for Employment Purposes
- Commercial Credit Reports: Review and Determine the Best Commercial Credit Reports for Your Community Bank or Credit Union
Catching fraud before it happens:
- Red Flag Guidelines: Review Policies and Strengthen Identity Theft Prevention Measures
- Fake Credit Files: Learn How Crooks Manipulate the System to Create Fake Credit Files
- Lending Fraud: Identifying Application Fraud and Loan Stacking
- New Credit Identities: Spotting Shady Consumers Who CreateNew Credit Identities with Legal Tax Identification Numbers
- Fraud Alert and Scoring Products that Reduce Your FI's Risk
Understanding and using credit scores to streamline the lending process:
- Using Credit Scoring throughout the life of an account: Opening, Monitoring, and Closing Accounts
- How to Use Credit Scoring to Prioritize Accounts Receivable
- Review the Factors that Determine the Credit Score
- New Bankruptcy Scoring Models: Will These Models Accurately Predict Bankruptcy?
- Learn to (Legally) Improve Your Customer’s Credit Score!
Compliance, Compliance, Compliance:
- New Adverse Action Notices
- Disparate Treatment of Applicants Associated with Credit Scoring
- Identity Theft and RED FLAG Guidelines
- Fraud Alert & Military Alert Notifications Requirements
- Permissible Purpose
- Consumer Disputes- You Cannot Ignore a Direct Data Dispute, Nor Can You Simply Refer the Dispute to an NCRA!
- Consumer Credit Data Complaints and the CFPB
- Accuracy & Integrity of Data- Preventing Re-pollution of Credit Reports
- Providing Free Credit Reports to Consumers
Who Should Attend?
This informative session is designed for your anyone in your bank that needs a better understanding of credit scores including; CEO, CFO, Directors, President, Managers, Branch & Assistant Managers, Credit Analyst, Commercial & Consumer Lenders, Compliance & Risk Officers, Collection Staff, Human Resource Trainers, Front Line handling applications, and anyone responsible for establishing & maintaining your credit policy & procedures.
This session is a cost-effective way to improve your staff’s understanding of credit reports, credit scores and critical steps to prevent fraud on the front-end. You may train as many individuals as you like for one set price. There will be no travel costs, no time lost from work and no one will be required to leave the institution.