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The Fair and Accurate Credit Transactions Act is a federal law to regulate the consumer reporting industry to ensure fair, timely, and accurate reporting of credit information. It was implemented to provide an extensive revision to the Fair Credit Reporting Act (FCRA).
This audio session addresses the requirements of FACT Act and its impact on :
Expanded obligations of financial institutions that furnish credit information to CRAs
Notification to consumers of reports of negative information
Credit Report Requirements
Use of Credit Scores
Red flag rules under the FACT Act
Implementing Identity Theft Programs
Risk-based credit pricing programs
Marketing solicitations that involve information from an affiliate
Possible warning signs of Fraud
Prevention of identity theft
The availability of free credit reports and disclosures of credit scores to consumers
ï® The talk will address FCRA obligations for lenders and others to prevent, detect, and mitigate ID theft in ensuring the fairness and accuracy of Credit transactions.
One of the primary objectives behind the Fair and Accurate Credit Transaction Act (the FACT Act) is to help consumers fight the growing crime of identity theft. Attendees will understand the Act requirements in respect of:
Free credit reports
Fraud alerts and Active Duty alerts
Truncation: credit cards, debit cards, Social Security Number
Disposal of consumer reports
Who should attend:
The session is appropriate forexecutive management,
internal auditors and
external auditors of all Credit Granting organizations and Credit Reporting Agencies
Richard Cascarino has, for the last thirty years, been providing Internal Audit, Fraud Audit, IS Audit Consultancy, Risk Management and Corporate Governance consultancy as well as Professional Development services to clients throughout the United States of America, the African region, Euro...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.