Fair Credit Reporting Act (FCRA)

Fair Credit Reporting Act (FCRA)

$300.00
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Description

This is a policy guide to managing compliance with the provisions under the Fair Credit Reporting Act (FCRA) by mortgage lenders and mortgage brokers. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

FAIR CREDIT REPORTING ACT POLICY

  • PURPOSE
  • SCOPE

CREDIT REPORTS & PRESCREENING

  • CREDIT REPORT AUTHORIZATION
    • Permissible Purpose
    • Prescreening (“Firm Offer” of Credit)
    • Authorization for Joint Users of Consumer Reports
    • Fraud and Active Duty Alerts
    • Fraudulent Transfers
    • Identity Theft

AFFILIATE NON-PUBLIC PERSONAL INFORMATION SHARING

NOTICES AND DISCLOSURES

  • CREDIT SCORE DISCLOSURE
  • AFFILIATE MARKETING AND OPTING OUT OF INFORMATION SHARING NOTICE
  • NEGATIVE INFORMATION NOTICE
  • RISK-BASED PRICING NOTICE
    • Timing
  • NOTICE REGARDING THE USE OF CONSUMER REPORTS FOR EMPLOYMENT PURPOSES
  • STATE LAW AND REGULATION

FURNISHING INFORMATION TO CRAS

  • SUBMITTING NEGATIVE INFORMATION ON A CONSUMER
  • SUBMITTING ANY INFORMATION TO A CRA
  • CONSUMER DISPUTES
    • Frivolous or Immaterial Information Disputes
  • IDENTITY THEFT

RECORD RETENTION

STATE LAW AND REGULATIONS

APPENDIX A – RISK-BASED PRICING NOTICE DETERMINATION