The Fair Credit Reporting Act (FCRA) regulates the credit reporting industry in the United States. Credit reporting agencies contain information on millions of individuals that is used every day in transactions, such as granting credit, underwriting insurance, and conducting pre-employment background checks. FCRA was enacted in 1971 and amended by the Fair and Accurate Credit Transactions Act (FACTA) in 2003.
Course Outline:
Lesson 1 - FCRA/FACTA Overview
- The Rulemaking Process
- History and Purpose of FCRA and FACTA
- FACTA Highlights for Mortgage Lenders
- National Uniformity Provisions
- Regulatory Authority
- Civil Liability
- FCRA Studies
Lesson 2 - The Consumer File
- The Credit Process
- What Is a Consumer Report?
- Contents of Consumer Reports
- Furnishing Credit Information
- Furnishing Negative Information
- Consumers' Right to Information in the Consumer File
- Charging for Consumer Disclosures
- Consumers' Right to Dispute Information
- Consumers' Right to Credit Scores
- Credit Score Disclosures
Lesson 3 - Using Consumer Information
- Distributing Consumer Reports
- The Lender as a CRA
- Sharing Information Among Affiliates
- Affiliate Sharing for Marketing Purposes
- Consumer Reports for Prescreened Solicitations
- Prescreen Opt-Out Notice
- Consumer Reports for Employment Purposes
- Use of Medical Information
- Adverse Action
- Adverse Action Disclosure Notices
- Risk-Based Pricing
- Disposal of Consumer Information
Lesson 4 - Identity Theft Provisions
- Identity Theft
- Fraud Alerts
- Active Duty Alerts
- Credit Applicants With Fraud Alerts
- Blocking Fraudulent Information
- Victims' Right to Transaction Information
- Debt Caused by Identity Theft
- Preventing Identity Theft
- What Are Biometrics?
- Consumer Reports for Counterterrorism Purposes
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Residential Underwriter (CRU Level I) or Mortgage Compliance (CMCP Level I) Achievement Certificate programs.
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