FCRA: Using Consumer Reports and Furnishing Information

The Fair Credit Reporting Act outlines specific rules banks have to follow when using consumer reports and furnishing information about consumers.
SKU: P2754EN
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The Fair Credit Reporting Act was established under Title VI of the Consumer Credit Protection Act to provide consumers with a method of knowing where consumer credit information is acquired and how to correct inaccurate consumer credit reporting information. In addition, it forces the consumer reporting agencies to maintain stricter control guidelines in maintaining consumer credit information.

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 course includes an examination.


Learning Objectives:

  •  Create and maintain a Customer Identification Program at your bank
  • Create and maintain a Customer Due Diligence program at your bank
  • Create and maintain a BSA compliance program at your bank

Ensure your bank is following BSA regulations regarding AML and Correspondent Accounts

Course Outline:

  •  Address Discrepancies

o   Notices of address discrepancies

o   The requirement to form a reasonable belief a consumer report relates to the consumer the bank has requested the report for

o   Furnishing consumer addresses to consumer reporting agencies

  • Furnishers of Information

o   Various prohibitions on reporting certain information to consumer reporting agencies contained in the FCRA

o   The duty to correct and update information

o   Notices required to be distributed by furnishers of information

o   Responsibilities of furnishers of information regarding identity theft

  • Negative Information Notice

o   Negative information

o   Model disclosure notices

o   The ability of the consumer to dispute negative information with the furnisher

o   Frivolous or irrelevant disputes

o   Limitations on liability and enforcement

  • Prevention of Re-Pollution of Consumer Reports

o   Overview

o   Nature and scope of policies and procedures

o   Establishing and implementing policies and procedures

  • Specific components of policies and procedures 




Audio, Hybrid



Products specifications
Course Language English
Length Range 31 - 60 Minutes
Length (Hours) 0.83
Course Features Audio
Course Features Mobile
Module Number(s) 6277EN