2018 - Reporting Your Credit Data : E-Oscar, METRO2, FCRA/FACTA and CFPB Compliance

OVERVIEW
Understand your potential legal risk and compliance obligations with respect to consumer credit reporting. Many financial institutions which furnish consumer credit information on a periodic basis to Credit Reporting Agencies (CRAs) experience challenges in furnishing data in the Metro 2® format. Most credit reporting disputes are handled through the E-OSCAR/ACDV system, which has had recent updates that affect data furnishers' legal obligations in regard to these disputes. This is an active area of litigation and regulatory scrutiny that is consistently being reviewed by examiners and regulators.
WHY SHOULD YOU ATTEND
This webinar will help attendees better understand their potential legal risk and compliance obligations with respect to consumer credit reporting. Special problems relating to the Metro 2 credit reporting guidelines relating to bankruptcies, disputed accounts and identity theft also will be addressed.
AREAS COVERED
METRO 2 CREDIT REPORTING GUIDELINES
Furnishers' initial reporting obligations under 15 U.S.C. § 1681s-2(a)
Recent FCRA and related litigation
Reporting of accounts included in bankruptcy
Chapter 7
Chapter 13
Reporting of accounts in dispute
E-OSCAR AND FCRA LITIGATION RISK AND COMPLIANCE BURDEN
Recent developments in FCRA/CFPB compliance requirements
Responding to a CRA dispute and the ACDV System (15 U.S.C. § 1681s-2(b))
Scope of review of consumer dispute
Deletion of trade lines and related obligations
HANDLING CONSUMER CLAIMS OF IDENTITY THEFT
Review of CFPB's Supervisory Bulletin including Furnishers 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 trade line information to be in compliance and reduce risk
Reporting Data 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 trade lines
NEW Compliance points and running quality control checks
Conclusion Putting this knowledge into action & reducing your Institution's risk!
ACTION STEPS TO IMPROVE COMPLIANCE
Analyze Input Channels
Servicing System to Metro 2® File Review to CRA Soft Pull
Risk Ranking
Remediate Issues Identified
Establish Credit Reporting Oversight and Framework for Future State
Update P&Ps
Establish Ongoing Monitoring
LEARNING OBJECTIVES
You will be able to discuss penalties for noncompliance
You will be able to review the credit reporting lifecycle
You will be able to describe an executive reporting dashboard
You will be able to describe major credit reporting compliance obligations
You will be able to recognize potential areas of litigation risk in connection with investigation in response to a credit reporting dispute
You will be able to discuss Metro 2 Credit Reporting Guidelines and related obligations of CRAs and furnishers
You will be able to explain CRAs' and furnishers' obligations in response to an ACDV
WHO WILL BENEFIT
Compliance Officers
Lenders
Operations Personnel
Branch Managers
Assistant Branch Managers
Customer Service Reps
Consumer lenders
Risk Officers
Collectors
Auditors
Trainers
Everyone in your institution dealing with consumers, credit information and identity theft
For more detail please click on this below link:
http://bit.ly/2FMAufm
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