Understand the Fair Credit Reporting Act and the role it plays in regulating the behavior of credit reporting agencies and creditors.
Before enacted laws and regulations, credit reporting was a subjective process that was invasive to consumer privacy and difficult to address errors. Information regarding consumers' private disposition was held in secret databases with access limited to creditors and public agencies. This presentation explains the implementation of the FCRA and the role it has played for decades in ensuring the privacy of consumers and regulating the behavior of credit reporting agencies and creditors toward consumers' right to privacy and right to address misinformation on their credit reports. We will also explain the repercussions of bad behavior by these entities and the remedies available to consumers whose rights are violated.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
History and Purpose of the FCRA
- When Was the FCRA Enacted, and by Whom?
- What Was the Purpose of the FCRA?
- Who Enforces the FCRA?
Permissible Purposes of Consumer Reports
- Circumstances in Which a CRA Can Furnish Personal Credit Reports
- Disclosure Obligations to Consumers
- Conditions on Use for Adverse Actions
Information Excluded From Consumer Credit Report
- Bankruptcy Information Beyond Ten Years of Discharge
- Exempted Cases
- Running of Reporting Period (7-Year Rule)
Information Required to Be Disclosed on a Credit Report
- Personal Information
- Key Factors Affecting the Credit Score
- Dispute and Disclosures Actions by the Consumer
Identity Theft Prevention
- Security Freezes
- Fraud Alerts
- Access to Free Reports
Civil Liability for Negligent Noncompliance
- Damages
- Enforcement
- Responsibilities of Furnishers of Information to Consumer Reporting Agencies
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 14, 2023.
Call 1-866-352-9540 for further credit information.
- Arizona CLE 0.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 0.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 0.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 0.5 CLE hours of participatory credit.
- RI CLE 0.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 0.5 hours of CLE credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Tim Sanders
Credit Repair of Florida
Timothy Sanders
- Founder and president of Credit Repair of Florida
- NACSO Certified Credit Specialist
- Published author of Understanding Your Credit Score
- Seminar speaker and Freddie Mac CreditSmart certified trainer
- Member of the National Association of Credit Service Organizations, National Association of Realtors, Mortgage Bankers Association, National Association of Real Estate Brokers, and UF/IFAS Extension Advisory Committee
- B.A. degree, University of Central Florida
- Can be contacted at [email protected] or 407-734-3426
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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