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Regulation V Fair Credit Reporting

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Regulation V Fair Credit Reporting

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    1. Regulation V Fair Credit Reporting Ken Merry, Emprise Bank KMerry@emprisebank.com 316.383.4467 August 9, 2010

    2. Overview Introduction to FCRA Components Obligations as an Information Furnisher Definitions Accuracy Direct dispute Furnisher Identity theft Integrity Accuracy and integrity program Direct disputes Blocking information eOscar

    3. Interrelated FCRA Components

    4. Obligations as Information Furnishers

    5. Definitions Accuracy – information the bank provides to a CRA about an account or other relationship with the consumer correctly: Reflects the terms of and liability for the account or other relationship Reflects the consumer’s performance and other conduct with respect to the account or other relationship; and Identifies the appropriate consumer. Direct Dispute – a dispute submitted by a consumer directly to the bank concerning the accuracy of any information contained in a consumer report and pertaining to their account or other relationship that the bank has or had with the consumer.

    6. Definitions (cont’d) Furnisher – information furnished to one or more consumer reporting agencies for inclusion in a consumer report. Identity Theft – a fraud committed or attempted using the identifying information of another person without authority. “Identifying information” means any name or number that may be used alone or in conjunction with any other information to identify a specific person

    7. Definitions (cont’d) Integrity – information provided to a CRA about an account or other relationship with the consumer: Is substantiated by the furnisher’s records at the time it is furnished; Is furnished in a form and manner that is designed to minimize the likelihood that the information may be incorrectly reflected in a consumer report; and Includes: Information in the bank’s possession about the account or other relationship that the relevant Agency has determined that the absence of which would likely be materially misleading in evaluating a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living; and The credit limit, if applicable in the bank’s possession.

    8. Accuracy and Integrity Program Fair and Accurate Transactions Act (FACTA) Enhances the FCRA by requiring institutions to improve accuracy and integrity of information furnished to a CRA Prohibits reporting information you know, or have reasonable cause to believe is inaccurate Promptly correct inaccurate information reported to a CRA Procedures to respond to credit reporting agencies and consumers regarding the accuracy of information provided. Procedures to correct information that may have been inadvertently reported incorrectly.

    9. Direct Disputes Written letter Identifies specific information that is being disputed Explains the basis for the dispute; and Supporting documentation Conduct an investigation Review all relevant information provided by the consumer Report the results to the consumer within 30 days (45 days if additional information is received) Promptly notify each CRA to correct the inaccuracy

    10. Direct Disputes (cont’d) Frivolous and Irrelevant The consumer fails to provide sufficient information to investigate the disputed information The dispute is substantially the same as a disputed previously submitted If you make determination of frivolous or irrelevant Provide a notice to consumer by mail within 30 days Reasons for determination Identify the information required to investigate

    11. Direct Disputes (cont’d) Items that cannot be disputed Consumer identifying information (i.e. name, DOB, SSN, phone number, address) Past or present employers Inquiries Public records information (i.e. judgments, bankruptcies, liens) Fraud alerts or active duty alerts Information provided by another furnisher

    12. Blocking Information from Identity Theft FACTA requires blocking information from being reported when a consumer identifies the information results from an alleged ID theft. CRA may notify furnisher of the information to be blocked Consumer may submit an ID theft report directly to furnisher Blocking must be completed within 30 days If a valid claim must contact CRA to have information removed Complete SAR Invalid claim Material misrepresentation Consumer obtained possession of goods, services, money Notification within 5 business days May need to consult legal counsel

    13. e-Oscar e-Oscar is a vehicle through which dispute information is transferred between Consumer Reporting Agencies and Data Furnishers. FCRA mandated the NCRAs implement an automated system through which data furnishers may report the results of dispute re-investigations. Collaboration between Trans Union, Equifax, Innovis, Experian and OLDE

    14. e-Oscar (cont’d) What can be done in e-Oscar? View and respond to disputes Create and submit interim tradeline maintenance requests to update or delete previously reported tradelines Review notifications Block notifications Dispute Response (DR) Notifications Review reports transactions

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