Fair Credit Reporting Act (FCRA)


Description: Fair Credit Reporting Act (FCRA) describes the federal law that addresses the rights and obligations of four groups 1)Consumer reporting agencies, 2)Users of consumer information, 3)Furnishers of consumer information and 4)Consumers. This course defines the key terms used in the Act, including permissible purposes, and provides an overview of the FACT Act. This course promotes discussions surrounding reporting and disclosure requirements including how to handle direct disputes. It also explains circumstances surrounding risk-based pricing notices. This course discusses the Dodd-Frank Act requirements pertaining to adverse action when a credit score is used.


Audience: Personnel involved in using or reporting credit information.


Learning Objectives: After completing this course, students will be able to:

  • Define key terms used in FCRA
  • Discuss the primary permissible purposes that affect financial institutions
  • Describe consumer reporting requirements of FCRA
  • Describe key elements covered by the FACT Act
  • Share an overview of key notice requirements
  • Discuss affiliate disclosure requirements
  • Explain when and under what circumstances a risk-based pricing notice must be provided to consumers, and requirements to provide credit score information
  • Discuss the DFA requirements pertaining to adverse action when a credit score is used