The Fair Credit Reporting Act (FCRA) governs the collection, assembly, and use of consumer report information and provides the framework for the credit reporting system in the United States. The FCRA was enacted in 1970, and it has been amended several times in the ensuing years. The two most extensive amendments were the Consumer Credit Reporting Reform Act of 1996 (the 1996 amendments) and the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
Generally, banks are not considered consumer reporting agencies and therefore do not come under the complete governance of the Act. To avoid becoming a consumer reporting agency, the bank must not transmit any consumer credit information to other banks and creditors, other than information on those accounts that are in the bank. This module will provide you with the information you need to ensure FCRA compliance at your bank.
This course includes an examination.
- Understand the FCRA requirements regarding credit reports
- Explain the disclosures required by the FCRA
- Ensure record retention policies at your bank are FCRA compliant
o Permissible purposes of reports
o Obligations of users of consumer reports
o Obsolete information
o Investigative reports
o Restrictions on investigative reports
o Public information for employment purposes
o Procedure in case of disputed amount
o Compliance procedures for reporting agencies
o Prescreened lists
- Disclosure to government
- Disclosure to consumers
- Conditions of disclosure to consumers
- Charges for certain disclosures
- Enforcement and Recordkeeping
o Record retention
Disposal of records