Reporting Your Credit Data, E-OSCAR, METRO2, FCRA/FACTA & CFPB Compliance
Whether you report to one or all four of the National Credit Reporting Agencies (NCRA), you are required to comply with the Fair Credit Reporting Act (FCRA) and the Fair & Accurate Credit Transaction Act (FACTA) amendment as well as the new tougher Consumer Financial Protection Bureau (CFPB) standards.
It’s not what you know that will hurt you-it’s re-polluting the consumer’s file along with some key points that can cost your Financial Institution plenty! We will review, E-OSCAR (Electronic-Online Solution for Complete and Accurate Reporting) a CFPB requirement, pros and cons of using METRO or METRO-2 format, and any federal requirements. Also, we will discuss if you should report to more than one NCRA, and why you should run quality checks on any data you report to make sure your trade lines are showing up accurately on consumer reports and that you are in compliance.
Review of CFPB’s Notice of Duty to Investigate Consumer Credit Report Disputes
- All agencies will apply CFPB tougher exam standards
- FACTA Section 312 will play a key part in your agencies expectations
- Your responsibilities under the FACTA-Red Flag guidelines as a Data Furnisher
- Reviewing your tradeline information to be in compliance and reduce risk
- Reporting your information monthly using the METRO or METRO-2 format.
- Using E-OSCAR to view and respond to consumer disputes- Automated Credit Dispute Verifications (ACDV Responses).
- Using E-OSCAR to create and submit interim maintenance requests Automated Universal Data forms (AUDs) for previously reported tradelines
- NEW Compliance points and running quality control checks
- Putting this knowledge into action today!
The Consumer Financial Protection Bureau will impact everyone in your institution dealing with consumers and consumers’ credit information. This informative session is for Branch Managers, Assistant Branch Managers, Customer Service Reps, Lenders, Compliance Officers, Risk Officers, Collectors, and Trainers.
Greg Souther is President of Greg Souther Consulting & Seminars (www.gregsouther.com) a firm that provides training and consulting to Financial Institutions in the following areas: Customer Service & Communication; Credit, Collection, & Compliance; Fraud Prevention & Information Security; and Marketing & Sales.
With over 28 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.
Greg was Co-Owner and Manager of The Credit Bureaus of Southeast Georgia, the parent company for six Credit Reporting and Collection Agencies based in Brunswick, Georgia. Other Management, Marketing, and Human Resource experience includes Credifax, formerly the Credit Bureau of Jacksonville, the Credit Bureau of Valdosta, and the Credit Bureau of Athens.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits.
Either Live or 6-Month On-Demand Webinar: $255
Both Live and 6-Month On-Demand Webinar: $355
Online: Click here.
Phone: Call Total Training Solutions at (800) 831-0678
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.