Links in “Fair Credit Reporting Act (FCRA/Regulation V)”
- When Is It Permissible to Obtain a Credit Report?
A look at when it is permissible to obtain a credit report of a consumer, according to the Fair Credit Reporting Act. [3/13]
- CFPB to Credit Furnishers: Investigate, Don’t Just Delete, Disputed Items
The Fair Credit Reporting Act investigation is important, according the CFPB, to provide a critical check on the accuracy of systems and following through on other required elements of the dispute response, such as notifying all credit reporting agencies of the inaccurate information. [3/5]
- FRB Seeks Transfer of DD and Privacy and Comments on Red Flags
FRB seeks comment on proposals to repeal its Regulation DD and Regulation P (transfer to CFPB) and make amendments to the identity theft red flags rule in Regulation V (Fair Credit Reporting). 60-day comment period provided. [2/13]
- Telecheck Called on for $3.5 Million Fine for FCRA Violations
Fine matches Certegy fine last year and alleges that TeleCheck failed to follow proper dispute procedures including failure to assure the maximum possible accuracy of provided and furnished information and to promptly correct errors on consumersâ reports. [1/17]
- Get Your Threshold Adjustments Here!!
Agencies announce thresholds for various regulations: (1) CRA: Intermediate Small Bank: $1.202 billion for prior two calendar year-ends; (2) FCRA: Maximum charge of $11.50 remains for 2014; (3) TILA: higher-priced mortgage escrow requirement exemption increased to $2.028 billion for banks as of 12/31/2013; and (4) HMDA reporting asset size exemption of $43 million as of 12/31/2013. [12/30]
- CFPB Lays Out Expectations for Credit Info Suppliers
CFPB bulletin lays out expectations under Fair Credit Reporting Act: credit information suppliers are to maintain a system adequate for handling and investigating complaints, report the results to the consumer reporting agency, and modify, delete or block disputed info. [9/9]
- CFPB Doubling Down on Disputes
CFPB's sends a warning shot to furnishers of information to consumer reporting agencies. Potent FCRA and FACT Act principles and requirements that trigger need for stronger awareness (aka training) and tracking. [9/5]
- FTC Fines Certegy $3.5 Million on FCRA Violations
One of nation's largest consumer reporting agency (CRA) charged with insufficient handling of consumer's right to inaccurate information in consumer credit reports. Key lessons on FCRA dispute notification and handling noted. [8/16]
- Does FCRA Prohibit Use of Credit Report Info to Make Additional Offer?
If a consumer applied for an auto loan, giving the institution a permissible purpose to pull the report, does Fair Credit Reporting Act prohibit that institution from making an additional offer of credit based on that report? [7/29]
- A Closer Look at the 2 Laws That Require Adverse Action Notices
Philadelphia Fed Reserve articles breaks down the differences and similarities between the adverse action notice requirements of ECOA and the FCRA, a critical step toward achieving compliance. [7/5]
