Reading Credit Reports: Preventing Fraud, Using Credit Scores & Compliance Issues
We will review reports from the Big Three National Credit Report Agencies (NCRA), the different file formats and several add-on products available through each NCRA.
We will review how the recent CFPB study compelled Fair Isaacs Company to rework their credit scoring models which will affect every scoring model you purchase from these agencies.
We will also look at how you can prevent application fraud on the front end. And, of course, we will review all things FCRA, FACTA and CFPB rulings on the subject. This session is good for new and seasoned lenders and CSRs using reports to open accounts!
Reading credit reports used to be simple; however, today the average report is over seven pages long depending on the format, and it takes a forensics degree to decipher the data unless you know a few tricks that we will share. Changes to FCRA & the CFPB will impact everyone in your institution dealing with consumer’s credit information, identity theft and compliance.
Here are some of the points we will cover:
- Review different “Credit Files” from Experian, Equifax & Trans Union
- Review of a Dual-Merge and Tri-Merge credit reports
- Permissible purpose & pulling credit reports
- Pros and cons of each of the big three: Experian, Equifax, Trans Union
- File-comparisons to help determine the best report for your area!
- Using the right credit report will help you make better loans
- Which credit files make debt to income comparisons easier?
- Using enhanced credit reports for collection and skip tracing
- Using credit reports to open deposit accounts
- Using consumer credit reports for employment purposes
- Determine the best commercial credit reports for your company
Catching fraud before it happens
- How crooks use the system to create fake credit files
- Shady consumers use legal TINs to create new credit identities
- Fraud alert & scoring products that work to reduce your risk
- Using credit scores to streamline the lending process:
- Credit scoring when opening, monitoring & closing accounts
- Credit scoring to prioritize accounts receivable
- Reviewing the factors that determine the credit score
- New bankruptcy scoring models – will they work?
- Improve your customer’s score legally
Compliance, Compliance, Compliance:
- New adverse action notices
- Disparate treatment of applicants
- Identity theft & red flag guidelines
- Fraud alert & military alert notifications
- Permissible purpose
- Consumer disputing your data – you can’t ignore or just refer to NCRA
- Consumer credit data complaints and the CFPB
- Accuracy & integrity of data – preventing re-pollution
- Providing free credit reports to consumers
Lenders, branch managers, HR, compliance and risk officers, collectors, trainers or anyone pulling and using credit reports for any purpose.
Greg Souther, President, Greg Souther Consulting & Seminars, provides training and consulting to companies in the following areas: Customer Service & Communication; Credit, Collections, & Compliance; Preventing Fraud & Information Security; and Marketing & Sales. With over 29 years of training and speaking experience, Greg and his associates share practical “how to” advice that everyone can easily understand and use in their daily work environment.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $560.00
Online: Visit the CBA Webinar Catalog
Mail: Click here and mail completed form with check payable to ConferenceEdge to: (Mail at least 10 days prior to event)
1516 Xavier St., Ste 500, Denver, CO 80204
Phone: Call ConferenceEdge at (877) 988-7526 (credit card payments only)
- Preferred Payment Method: Online
- Please register online or by phone when paying with a credit card
- Payment Must Accompany Registration – Invoices are Not Provided
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.