CDIA

*What is the Gramm-Leach-Bliley Act:*

Financial institution may not, directly or through any affiliate, disclose to a nonaffiliated 3rd party nay nonpublic personal info. Unless, such financial institution provides or has provided to the consumer a notice

*If a creditor that furnishes credit card accounts determines that a consumer owes all or part of the disputed amount and related finance or other charges, the creditor:*

May not report that an amount or account is delinquent because the amount due remains unpaid. If the credit receives further written notice (within the time allowed for payment) from the consumer that any portion of the billing error is still in dispute

*Privacy provisions of the Gramm-Leach-Bliley Act:*

Require financial institution- such as banks, insurance companies, and security firms- to protect personally identifiable info about their customers, even simply ID info (name & address) if the info can be used to ID the individual as a customer of the financial institution

*Notice of determination regarding frivolous or irrelevant dispute*

*No later than 5 business days from the determination, by mail or if authorized by the consumer for that purpose, by any other means available by the agency*

*Notice of reinsertion shall include?*

1. A statement that the disputed info has been reinserted 2. Business name, address, and telephone number of any furnisher of info contacted 3. Notice that the consumer has the right to add a statement to the consumers file disputing the accuracy or completeness of the disputed info

*A furnishers procedure must?*

1. Be in writing 2. Appropriate to the nature, size, complexity, and scope of furnishers activities 3. Consider certain "guidelines" that the CFPB has established

*After receiving notice of a dispute regarding completeness or accuracy and person must?*

1. Conduct an investigation with respect to the disputed info 2. Review all relevant info provided by the CRA 3. Report the results of the investigation to the CRA 4. If the info is found inaccurate report the results to all CRAs 5. If an item of info is found inaccurate and can't be verified after any re investigation promptly, modify item of info, delete that item, permanently block the info

*It is not a Direct Dispute if?*

1. Consumers ID info, ( other than, dispute relating to a consumers liability for a credit acc. Or other debt with the furnisher) 2. ID or past or present employer Inquiries or requests for a consumer report Public records, Judgments, BK, liens, or other legal matter 3. Info related to Fraud alerts or active duty alerts Info provided to a CRA by another furnisher

*A furnisher must conduct a reasonable investigation of a direct dispute if it relates to?*

1. Consumers liability for a credit acct or other debt with the furnisher 2. The terms of a credit account or other debt with furnisher 3. Consumers performance or other conduct concerning an acct. 4. Any other info contained in a consumer report regarding an account.

*Information considered to be "accurate" if?*

1. Correctly reflect the terms of a liability for the account and consumer performance on the account 2. Identifies the consumers to which it pertains

*Objectives to policy and procedure*

1. Furnish info that is accurate 2. Furnish info that has integrity 3. Conduct reasonable investigation of consumer disputes and take appropriate action based on the outcome 4. To update the info, if furnishes as necessary to reflect the current status of the consumer's account

*Establishing and implementing policy and procedure*

1. Identify practices or activities the furnisher that can compromise the accuracy or integrity of info furnished to CRAs 2. Evaluate the effectiveness of the furnisher regarding the accuracy and integrity of info 3. Evaluate the effectiveness of specific methods the furnisher uses to provided info

*Information is considered to have "integrity" if it?*

1. Is substantiated by the furnishers records when it is furnished 2. Furnished in a form and manner to minimize inaccuracy of date reported 3. Includes appropriate ID info 4. Furnished in a standardized and clearly understandable form and manner 5. A date specifying the time period to which the info pertains 6. Include credit limit of account, if the info related to an open-end account (credit cards)

*Who would not be considered a "CRA"?*

1. Law enforcement database 2. Commercial credit database 3. Marketing database

*What 2 things do not "bear on" creditworthiness?*

1. Name 2. Social security

*Treatment of inaccurate or unverifiable info*

1. Promptly delete that item of info from the file of that consumer, or modify that item of info 2. Promptly notify the furnisher of that info that the info has been modified or deleted from the file

*Unless the creditor?*

1. Promptly reports that the amount or account is in dispute 2. Mails or delivers to the consumer (at the same time the report is made) a written notice of the name and address of each person to whom the creditor makes a report 3. Promptly reports an y subsequent resolution of the reported delinquency

An entity is not a furnisher when it?

1. Provided info to a CRA solely to obtain a consumer report 2. Is acting as a "CRA" 3. Is a consumer to whom the furnished info pertains 4. Is a neighbor, friend, or associate of the consumer, or another individual with whom the consumer is acquainted

*Notice of determination shall include?*

1. Reason for the determination 2. ID any info required to investigate the disputed info which may consist of a standardized form describing the general nature of such info

*Consumer report does not include any?*

1. Report with info only as to transactions or experiences between consumer & person providing report 2. Communication of that info among people related by common ownership or affiliated 3. Communication of other info if it is clearly & conspicuously disclosed to consumer

*A direct dispute must include:*

1. Sufficient info to ID the account or other relationship that is in dispute 2. The specific info that the consumer is disputing 3. All supporting documentation or other info reasonably required by the furnisher to substantiate the basis of the dispute.

*A furnisher is required to investigate a direct dispute if a consumer submits a dispute notice to the furnisher when:*

1. The address of the furnisher is provided by a furnisher 2. An address clearly and conspicuously specified by the furnisher for submitting disputes 3. Any business address of the furnisher if the furnisher has not so specified and provided an address

*In developing polices and procedures, a furnisher should consider?*

1. Types of business activities in which the furnisher engages 2. Nature and frequency of the info the furnisher provides to the CRA 3. The technology used by the furnisher to furnish info to CRAs

*What are the 6 "Compliance condition codes" used to notify a CRA of a dispute?*

1. XB - Acct info disputed by a consumer under the FCRA 2. XC- Completed investigation of FCRA dispute 3. XD- Acct closed at consumers request - under FCRA 4. XE-Acct closed at consumers request - dispute investigation completed 5. XH- Acct previously in dispute- now resolved 6. XR- Removes the most recently reported CCC

*What are the 6 "Compliance condition codes" used to notify the CRAS for credit card issuers?*

1. XE - Account closed at consumer request and disputes completed 2. XF - account in dispute under FCRA 3. XG- FCBA dispute resolved- consumer disagrees 4. XH- Account previously in dispute- now resolved 5. XJ- Account closed at consumers request - in dispute under FCBA 6. XR- Removes the most recently reported CCC

*A financial institution cannot disclose nonpublic info to a non affiliated 3rd party unless?*

1.The financial institution clearly & conspicuously discloses to the consumer 2. The consumer is given the opportunity, before such info is disclosed, to opt out 3. The consumer is given an explanation of how the consumer can exercise nondisclosure option

*Determination that a dispute is frivolous or irrelevant? *

A CRA may terminate a reinvestigation of info disputed by a consumer if the agency reasonably determines that the dispute by the consumer is frivolous or irrelevant, including by reason of a failure by a consumer to provided sufficient info to investigate the dispute

*Extension period of re-investigation*

A dispute may be extended for not more than 15 days, if the CRA receives info from the consumer during the 30 day period that is relevant to the reinvestigation

*To be a "CRA"*

An organization need not be a profit-making entity

*"Consumer Reporting Agency" Means:*

Any person which, for monetary fees dues or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluation consumer credit info

*What is a consumer report?*

Any written, oral, or other communication of any info by a CRA. (consumers credit worthiness, standings, capacity, etc.)

*Notice of dispute to furnisher should happen when?*

Before the expiration of the 5 business day period beginning on the date of which the CRA receives notice

*Duties of a Consumer Reporting Agencies*

CRA's that receive disputes from consumers are required to investigate the dispute, and forward the dispute to the furnisher

*What are resellers?*

Collect consumer reports from other sources and merge the reports together to create a single, unitary report

*What is a furnisher?*

Companies that provide ACCURATE information to CRAs

*What are some things the FCRA provides?*

Consumer rights: •Access data held by the CRAs •Correct data that is inaccurate Imposes duties on CRAs: •Protect consumer data •Maintain reasonable procedures •include certain data in consumer reports

*When will you not be considered a "CRA"?*

If an organization does not regularly engage in assembling or evaluating data, or does so infrequently and in isolated circumstances- such as connection with the same assets

*Statement of dispute:*

If the reinvestigation does not resolve the dispute, the consumer may file a brief statement setting forth the nature of the dispute. The CRA may limit such statements to not more than 100 words if it provides the consumer with assistance in writing a clear summary of the dispute.

*To be a consumer Report*

Info must be communicated to you by a "CRA"

*What is a "mixed file"?*

Information relating to one consumer has been mistakenly associated with another consumer with the same or similar ID info

*If you are a credit card issuer, what must you do?*

Notify a CRA when a consumer disputes an account balance to you before you furnish the info to the CRA

*When a consumer disputes info directly to you, you are required to?*

Notify the CRAs of that fact

*When will the obligations of the FCRA apply?*

Only when information is provided to the CRA

*To be a "CRA" a person must:*

Regularly assemble or evaluate data on consumers for the purposes of furnishing consumer reports to 3rd parties

*The CFPB guidelines state:*

That furnishers policies and procedures should be designed to promotes the furnishing of info that is accurate and has integrity, conducting reasonable investigations of a consumer dispute and promptly correct info

*If a consumer disputes credit card charges to a credit card issuer?*

The credit card issuer may not report that the amount in dispute is delinquent unless the credit card issuer notes that the amount (or account) is in dispute.

*What are "pass-throughs"?*

They simply collect raw data or reports assembled by others and deliver them to the end users to make decisions

*When must a CRA complete it's investigation?*

Within 30 days, with up to 15 additional days if - the consumer provided additional info after the initial dispute. If info cannot be verified within time period, they must delete or modify info.

*If you are a mortgage servicer:*

You are required to take a special action with respect to furnishing info that has been disputed by the consumer

*A person who _____ had a duty to correct and update information:*

a. Regularly and in the ordinary course of business furnishes info to one or more CRA b. Has furnished to a CRA info that the person determines institutions not complete or accurate

*What are the seven characteristics to be a consumer report?*

•Consumers credit •worthiness •Credit standing •Credit capacity •Character •General reputation •Personal characteristics •Mode of living

*"Credit Reporting Agencies" include:*

•Credit Bureau •Background screening •Tenant screening •Check Verification

*Requirements relating to reinsertion of previously deleted material*

•Info may not be reinserted in that file by the CRA unless the person who furnishes the info certifies that the info is complete and accurate. •Notice to consumer, CRA shall notify the consumer of the reinsertion in writing no later than 5 business days after reinsertion