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.
This 90-minute session is an invaluable resource for new and seasoned lenders, as well as an exceptional training tool for Customer Service Representatives who rely on consumer credit reports to open direct deposit accounts (DDA), consumer accounts, and commercial accounts.