RC_RC_GO_203.1 Privacy and Credit-Reporting Laws
Applying for a mortgage (or any other type of consumer credit) requires the exchange and retention of many elements of a consumer's personal and financial data, including credit report information. Today, people are acutely aware of the damage that can be done to privacy, finances, and credit reputation when consumer data is mishandled. To help protect the integrity and privacy of consumer information, Congress has passed various laws related to accessing, handling, and sharing non-public consumer information, including information used in credit reports.
The Privacy and Credit-Reporting Laws course addresses the requirements of the acts and regulations designed to provide consumers with certain rights regarding the disclosure of non-public personal information held by financial institutions and to help curb identity theft. Acts covered in this course include the Gramm-Leach-Bliley Act (GLBA), and the Fair Credit Reporting Act (FCRA) as amended by the Fair and Accurate Credit Transactions Act (FACTA) and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (Dodd-Frank Reform Act). Since Dodd-Frank, FCRA has been amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act, P.L. 115-174 (May 24, 2018) (EGRRCP Act), and, for a temporary period of time, by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March 2020.
- Regulate how non-public consumer information is collected, disclosed, and shared.
- Impose requirements on credit reporting agencies to ensure fair and accurate reporting.
- Grant consumers the right to:
- Access the information that creditors use to make credit decisions.
- Dispute inaccurate or incomplete information.
- Limit access to consumer credit information and how that information is used.
- Protect consumers against identity theft.
This is a single-family/residential course.
- Gramm-Leach-Bliley Act
- Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA)
Seat time approximately 1.5 hours.