Understanding the FCRA (Fair Credit Reporting Act)

On Demand Course

Instructor: Tim Sanders

Duration: .3 HR

What You'll Learn

Before the enactment of laws and regulations, credit reporting was a subjective process that often invaded consumer privacy and made it difficult to correct errors. Information about consumers' personal and financial behavior was stored in secret databases, accessible only to creditors and certain public agencies. This presentation explains the implementation of the FCRA and the crucial role it has played for decades in protecting consumer privacy and regulating the conduct of credit reporting agencies and creditors. It highlights consumers' rights to privacy and to dispute inaccuracies on their credit reports. Additionally, the session outlines the repercussions of misconduct by these entities and the remedies available to consumers whose rights have been violated.

Agenda

History and Purpose of the FCRA

When Was the FCRA Enacted, and by Whom?
What Was the Purpose of the FCRA?
Who Enforces the FCRA?

Permissible Purposes of Consumer Reports

Circumstances in Which a CRA Can Furnish Personal Credit Reports
Disclosure Obligations to Consumers
Conditions on Use for Adverse Actions

Information Excluded From Consumer Credit Report

Bankruptcy Information Beyond Ten Years of Discharge
Exempted Cases
Running of Reporting Period (7-Year Rule)

Information Required to Be Disclosed on a Credit Report

Personal Information
Key Factors Affecting the Credit Score
Dispute and Disclosures Actions by the Consumer

Identity Theft Prevention

Security Freezes
Fraud Alerts
Access to Free Reports

Civil Liability for Negligent Noncompliance

Damages
Enforcement
Responsibilities of Furnishers of Information to Consumer Reporting Agencies

*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

About the Author:

Tim Sanders

Founder and president of Credit Repair of Florida NACSO Certified Credit Specialist Published author of Understanding Your Credit Score Seminar speaker and Freddie Mac CreditSmart certified trainer Member of the National Association of Credit Service Organizations, National Association of Realtors, Mortgage Bankers Association, National Association of Real Estate Brokers, and UF/IFAS Extension Advisory Committee B.A. degree, University of Central Florida Can be contacted at tim@creditrepairofflorida.com or 407-734-3426

On-Demand Course