Reporting Your Credit Data: Credit Reporting Methodologies and Compliance (CFPB)

Today, there still exists conditions where financial institutions are miss-reporting credit information on consumers including "re-reporting" credit information and/or not using the correct credit reporting formats – and more.

No matter which or how many National Credit Reporting Agencies (NCRA) a financial institution reports to, all financial institutions that make loans, credit cards or any other form of lending are required to comply with the Fair Credit Reporting Act (FCRA), the Fair & Accurate Credit Transaction Act (FACTA) amendment and the Consumer Financial Protection Bureau (CFPB) credit reporting standards.

Being unaware of the need to ensure and verify the accuracy of the credit information your institution is reporting on consumers in an on-going basis can result in serious problems and penalties for the financial institution. These are just some of the serious concern with respect to reporting correct credit information on consumers today.

Covered Topics:

  • A review of E-OSCAR (Electronic-Online Solution for Complete and Accurate Reporting) a CFPB requirement
  • METRO or METRO-2 credit reporting formats and any federal requirements affecting the format used
  • How many national credit reporting agencies (NCRA’s) do you need to report to? 
  • Quality Control processes to ensure and verify the accuracy of your institutions credit reporting
  • Review of CFPB's Supervisory Bulletin including the Financial Institution’s Duty to Investigate Consumer Credit Report Disputes and CFPB exam standards
  • FACTA Section 312 
  • Credit Report Data Furnisher responsibilities and guidelines under FACTA-Red Flag requirements. 
  • How to respond to consumer credit report disputes utilizing E-OSCAR for Automated Credit Dispute Verifications (ACDV Responses)
  • Clarification of interim credit data maintenance requests and using E-OSCAR to submit Automated Universal Data forms (AUDs) for previously reported tradelines. 

Who Should Attend?

CEO’s, Lending Management, Supervisory Committee Members, Members of Boards of Directors, Information and Technology Management will benefit from attending this webinar.