Reporting Your Credit Data, METRO2, E-OSCAR, FCRA/FACTA & CFPB Compliance
This program will be instrumental in establishing proper credit policies and procedures to comply with Federal regulations. The instructor will take time for questions and provide opportunities to work through common problems using “real world” situations.
This session is a cost-effective way to learn how to report your consumer data to the National Credit Reporting Agencies and be in 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), 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 that data to make sure your trade lines are reporting accurately to stay in compliance..
- Compliance Points
- CFPB will guide all agencies to enforce tougher exam standards
- Responsibilities under FACTA-Red Flag guidelines as a Data Furnisher
- Reviewing your tradeline information in order to be in compliance and reduce risk
- Reporting Data
- First Date of Delinquency and other Drop Dead Dates
- Monthly reporting using the METRO or METRO-2 format.
- Chapter 7 & 13 Bankruptcy
- Your Judgments and Garnishments that become Public Record
- 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
- Compliance points and running quality control checks that are required
- Vendor Management
- Conclusion – Putting this knowledge into action
Changes to the FCRA/FACTA and new CFPB standards will impact anyone who deals with consumers and their credit reporting information. At minimum, this session is for consumer lenders, CSRs, compliance officers, collectors, trainers and anyone responsible for establishing & maintaining credit & collection policy & procedures.
Greg Souther is President of Greg Souther Consulting & Seminars a firm that provides training and consulting to companies in the following areas: Customer Service & Communication Credit, Collection, & Compliance Fraud Prevention& Information Security and Marketing & Sales.
With over 25 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: 2.5 hours CRCM/CLBB.
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | 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)
4434 W. 29th St., Denver, CO 80212
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.