FACTA What You Need To Know (MLC340F)

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

 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
• Red flags
• Disposal of consumer reports
• Credit scores

Who should attend:
The session is appropriate for executive management,
operational management,
financial management,
internal auditors and
external auditors of all Credit Granting organizations and Credit Reporting Agencies