Understanding the FCRA (Fair Credit Reporting Act)
About This Course
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.
Your Instructor
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
This course is covered under team memberships.
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