Whether you report to one or all four of the National Credit Reporting Agencies (NCRA), you are required to comply with the Fair Credit Reporting Act (FCRA) and the Fair & Accurate Credit Transaction Act (FACTA) amendment as well as the new tougher Consumer Financial Protection Bureau (CFPB) standards. It's not what you know that will hurt you-it's re-polluting inaccurate data on the consumer's file that will get you into (more than) hot water.
We will review, E-OSCAR (Electronic-Online Solution for Complete and Accurate Reporting), pros and cons of using METRO vs METRO-2 format, and special comment reporting codes. Also, we will discuss if you should report to more than one NCRA, and why you have to run quality checks on that data to make sure your trade lines are reporting accurately to stay in compliance.
- Compliance Points from the FEDs
- CFPB will guide all agencies to enforce tougher exam standards
- FACTA Section 312 - Accuracy and Integrity of Data Reported
- Board Notification and Vendor Oversight
- Your responsibilities under the FACTA-Red Flag guidelines as a Data Furnisher
- Reviewing your tradeline information to be in compliance and reduce risk
- Direct Disputes from consumers and your requirements
- REGB and ECOA codes on credit reports
- Reporting Data
- Reporting your information monthly using the METRO or METRO-2 format.
- Date of First Delinquency
- Consumer Compliance Condition Codes
- Using E-OSCAR to view and respond to consumer disputes- Automated Credit Dispute Verifications (ACDV Responses).
- Using E-OSCAR to create and submit interim maintenance requests Automated Universal Data forms (AUDs) for previously reported tradelines
- Bankruptcy Codes
- Foreclosure Codes
- Consumer Deceased
- NEW Compliance points and running quality control checks on all your data!
- Putting this knowledge into action today to make sure you are in Compliance!
Who Should Attend?
The Consumer Financial Protection Bureau will impact everyone in your institution dealing with consumer’s credit information. This informative session is for everyone who needs to learn more about these requirments, including: CEOs, CFOs, Directors, Presidents, Managers, Branch & Assistant Managers, Commercial & Consumer Lenders, Compliance & Risk Officers, Collections Staff, Human Resource Trainers, Front Line staff who handle reporting; and, anyone at your Institution who handles consumer credit disputes.