This training covers what banking staff need to know about consumer credit information regulation
Often called Regulation V, the FCRA defines the way consumer credit history can be collected and stored; the purposes it may be used for; and the rights of consumers to access it, monitor its use and seek to correct errors.
Bank staff need to be familiar with the FCRA in order to
- Understand how the bank may collect and use consumer credit information
- Know how to assist bank customers in accessing their rights under the legislation
This short, single-module course provides an introduction to the way the FCRA works, discusses the various rights that consumers have under the FCRA, and outlines a number of special rights relating to identity fraud.
Who is this training for?
The course is a suitable introduction for all banking staff, particularly those who are customer-facing.
Gabriel is considering taking out a loan for $20,000 with Highest Power Finance to cover the purchase of a new car. Before taking out the loan, he wants to check his credit score with Equifax. He receives the report a week later and applies for the loan, but his application is rejected.
What action can Gabriel take under the FCRA in response to his rejected loan application?
Retail Banking Compliance Training
This course is part of the Retail Banking Compliance Suite
The courses available are
- Fair Lending
- Introduction to the Office of Foreign Assets Control (OFAC)
- Introduction to Regulation Z and the Truth in Lending Act (TILA)
- Introduction to Regulation CC and the Expedited Funds Availability Act
- Introduction to Regulation E and the Electronic Funds Transfer Act
- Introduction to Regulation D: Reserve Requirements
- Introduction to Regulation DD and the Truth in Savings Act
For more details, click on the course names above.
- Identify the purpose of the FCRA
- Understand the key components of the Act
- Recognize the rights of the consumer
- Explain penalties for non-compliance under FCRA