The Fair Credit Repor/ng Act: What You Really Need to Know ...€¦ · 10/17/2015 · • Nagim v. Equifax Info. Servs., LLC, No. 09-CV-02428-PAB-KLM, 2011 WL 1755183, at *4 (D

NARCA DefenseBarTheFairCreditRepor/ngAct:WhatYouReallyNeedto

KnowInOurNewWorldandAnswerstoYourQues8ons

OCTOBER17,2015

DavidJ.Kaminski,Esq.CARLSON&MESSERLLP

KeithWier,Esq.

BUSH&RAMIREZPLLC

NARCADavidKaminskiisapartneratCarlson&MesserLLPinLosAngeles,andspecializesinthedefenseofbanks,creditgrantors,collec8onlawfirmsandcollec8onagenciesinallareasoffinancialservicesli8ga8on.Heisarecognizedauthorityregardingconsumerli8ga8onstatutesandhassubstan8alexperienceinclassac8onandMDLli8ga8oninvolvingtheFCRA,FDCPA,TCPAandtheEFTA.Davidregularlygivespresenta8onsattheleadingindustrytradeorganiza8onsthroughouttheU.S.,isafrequentcontributortonumeroustradepublica8ons,andisthe2013-2015ChairoftheA[orney’sDivisionoftheACA,Int’l.Davidservesasoutsidecompliancecounseltothefinancialservicesindustryandhasdevelopedpoliciesandcompliance/trainingprogramstominimizetheirrisksofliability.Heregularlydefendsclientsininves8ga8onsandproceedingsini8atedbytheFCC,theFTC,theCFPB,andotherfederalandstateregulatoryagencies.h[p://cmtlaw.com/cm/

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NARCA Today’sAgenda

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Ø OverviewoftheFairCreditRepor8ngAct(FCRA)Ø  ReportableInforma8onØ  Du8esofUsersofCreditReportsØ  Du8esofDataFurnishersØ  Iden8tyThebØ  PermissiblePurposeØ  ReasonableInves8ga8onØ  eOscarØ  TheCFPBandtheFCRA

NARCAOverview:TheFCRA

TheFCRAisaFederalLaw

RegulatesCollec8on,Dissemina8on,and

UseofCreditRepor8ngInfo

CompanionoftheFairDebtCollec8on

Prac8cesAct

EnforcedbytheFederalTrade

CommissionandCFPB

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NARCA Overview:TheFCRA

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DebtCollec8onObliga8on:DataFurnisherstoCRAs–DebtsreportedtoCRAsCreditBureauObliga8on:Assembling/FurnishingInfoHowLongisaDelinquentAccountReportable?

• 7yearsfrom180daysfromthedateoffirstdelinquency

HowLongisaBankruptcyReportable?• 10yearsfrombankruptcydischarge.15U.S.C.§1681c(a)(1)


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WithrespecttodebtcollecKon,themainareasofliabilityrelateto:

• Du8esoffurnishersofcreditinforma8ontothecreditbureaus

• Du8esofusersofconsumerreports–Ex.Obtainingcreditreportsforvariouspurposes

NARCA

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WillfulnoncomplianceofCreditReporKngLaws–15U.S.C.§ 1681n-FCRAimposesliabilityonpersonwhowillfullyfailstocomplywithFCRA-SupremeCourt-willfulnessincludesknowingandrecklessviolaKons-SafecoInsuranceCo.ofAmericav.Burr,551U.S.47,60,69(2007)DamagesforWillfulViolaKon-(15U.S.C.§ 1681n(a)(1))include:

• Actualdamagesorstatutorydamagesfrom$100.00to$1,000(iffalsepretensesorlackofpermissiblepurpose(greaterofactualdamagesor$1k)• Puni8vedamages• A[orney’sfeesandcosts

Negligentnoncompliance–15U.S.C.§ 1681o–Damages(15U.S.C.§ 1681o(a)(1)include:

• Actualdamages• A[orney’sfeesandcosts

NARCA TheCFPBRoleReFCRA•  TheCFPBhasjointresponsibilitywithFTCforpublicenforcementofthe

FCRA,BUTCFPBistheprimaryagencyregula8ngFCRA.•  TheCFPBhasbroadenforcementpowers,includingtheabilityto:

–  Conductinves8ga8onsofanypersonregardingFCRAviola8ons–  Conducthearingsandadjudica8onproceedings–  IssueCeaseandDesistOrders–  Commenceacivilenforcementac8onstoimposecivilpenal8es

•  TheCFPBwarned:iffurnisherengagedinacts/prac8cesthatviolatetheFCRA,itwillimplementappropriatesupervisoryandenforcementac8ons”andseek“appropriatecorrec8vemeasures,includingremedia8onofharmtoconsumers”

NARCA ReportableInformaKon

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TheFurnisher

Mustreportdateofdelinquencywithin90daysoffurnishinginformaKon-SecKon1681s–2(a)(5)(A)-Whenfurnisherprovidescollec8onaccountoraccountchargedtoprofit/losstoCRA,furnisherhas90daystono8fyCRAof“dateofdelinquency”-Seamansv.TempleUniv.,744F.3d853,860-61(3dCir.2014);§1681s–2(a)(5)(A).

TheCRA Accountsplacedforcollec8onorchargedtoprofitandlosswhichantedatethereportbymorethan7years-1681c(a)(4).ThedateofdelinquencyenablesCRAtocalculate7yearwindow—withoutit,CRAcantdeterminewhenaccountplacedforcollec8on-cantcalculateenddate.”Seamans,744F.3dat860-61(ci8ng15U.S.C.§1681c(a)(4)and15U.S.C.§1681c(c)(1).

NARCA ReportableInformaKon–DateofDelinquency

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•  Dateofdelinquency-notnecessarily30daysaberlastpayment,butwheneverplain8ffisconsideredtonolongerbearresponsibilityonaccount.SeeAgostav.InoVision,Inc.,2003WL23009357,at*4(E.D.Pa.Dec.16)

•  Batdorfv.TransUnion,2002WL1034048,at*4(N.D.Cal.May15,2002)(chargeoffdateestablisheddateofdelinquencyforcommencementof7yearperiod)

•  Mierekv.BankofAm.Corp.,2008WL746981,at*6,n.4(D.S.C.)(7yearperioddoesnotrunfromthedateoflasttransac8on.(See15U.S.C.§1681c(c)(1).”)

q  PRACTICEPOINTER:Tobesafe,use30daysaberlastpaymentordateofcharge-offasdelinquencydate.Whendotermsclaimconsumerisdelinquefault???

•  IfDateofFirstDelinquencynotavailable,prudenttousetheoldestdateassociatedwithaccount.(Usuallyoriginaldateopened.)

NARCA ReporKngPeriod–7yearsfrom180days

•  SecKon1681c(a)(4).FCRAprohibitsCRAsfromrepor8ngaccountsincollec8on/chargedtoprofit-lossmorethansevenyears.15U.S.C.§1681c(a)(4).

•  “Thesevenyearperiodbeginstorun180daysabertheaccountisplacedincollec8onorchargedoffbythecreditorsotheeffec8veresultisasevenandone-halfyearperiodfromtheoriginaldelinquency.”Gillespiev.EquifaxInfo.Servs.,L.L.C.,484F.3d938,940(7thCir.2007).SeealsoBatdorf,WL1034048,at*4;15U.S.C.§1681c(c)(1).

•  PRACTICEPOINTER–use30daysaberdateoflastpaymentasthedelinquencydateastriggerratherthandateofcharge-offorassignment–ismoreconservaKveapproach

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NARCA ReportableInformaKon

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•  BankruptcyIMPACT–ifabankruptaccountwascurrentwhen

bankruptcywasfiled,youpopulatethefilingdateforDateofFirstDelinquency.

•  Nagimv.EquifaxInfo.Servs.,LLC,No.09-CV-02428-PAB-KLM,2011WL1755183,at*4(D.Colo.Feb.8,2011)Thebankruptcythatledtotheorderofdischargeoftheaccountcanbereportedfor10years–Nagim,supra.

NARCA DuKesofDataFurnishers

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DefiniKonofaDataFurnisher

•  Definesafurnisherasanen8tythatprovidesinforma8onrela8ngtoconsumerstooneoremoreCRAsforinclusioninaconsumerreport.

•  Anen8tythatreportsconsumeraccountinforma8ontotheconsumercreditbureaus.

•  ThoughnotdefinedbytheFCRA,typicallyincludes:creditors,lenders,u8li8es,debtcollec8onagenciesandthecourts(i.e.publicrecords)withwhomaconsumerhashadarela8onshiporexperience.


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Infoobtainedfromlender/originalowner–whatisneededandwhy

q  Completeiden8fyinginforma8onforeachliableborrowerincluding:• Surname• FirstName• FULLMiddleName(whereprovided)• Genera8onalinforma8oncorrectlyplacedintheGeneraKonCodefield.• Fulladdress• SSN• DatesofBirth


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RulesAddressingAccuracyandIntegrityofReportedInformaKonandDirectDisputes–TheserulesaregenerallydonothaveaprivaterightofacKon•  Responsibili8esofdatafurnishersare:

•  (1)toestablishandimplementreasonablewri[enpoliciesandproceduresregardingtheaccuracyandintegrityofinforma8onfurnisherprovidesaboutaconsumertoaCRA

•  (2)toconductareasonableinves8ga8onofadirectdisputesubmi[edtothefurnisherbytheconsumer.


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q  DutytoreportaccurateandcompleteinformaKonq  Dutytorespondtodisputesthatarenotconsidered“frivolous”or“irrelevant”Frivolous/Irrelevant

•  Tooli[leinforma8ontoconductareasonableinves8ga8on•  Resubmitsanalreadyinves8gatedcomplaint•  Comesfromacreditrepairagency

Ifadisputeisfoundtobefrivolous/irrelevantbyCRA

•  TheCRAmustrespondtotheconsumerofthedetermina8onwithin5businessdays.E.G.ifconsumerfailstoprovidesufficientinforma8on.1681i(3)(a)


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InformaKonSubmieedtodatafurnisherbyConsumer

•  Datafurnishermust:•  Conductreasonableinves8ga8on–•  Reviewinforma8onprovidedbyconsumer–includinganysuppor8ngdocumenta8onreceived

•  Updateinforma8onifyoureportedtoCRAinaccuratelyusingeOscaraswellascorrec8nginforma8onintheaccountscreensothattheCRAsdonothavebadinforma8on

NARCA

– Insight from a CFPB, FDCPA, and TCPA legal expert and Operations Veterans

Reasonable Investigation When Consumer Disputes Through Credit Bureau

q  The FRCA requires that a “furnisher” investigate a dispute received from a CRA. 15 U.S.C. 1681i. The furnisher must review relevant information provided by the CRA; report the results to the CRA. 15 U.S.C. 1681s-2(b)(1)(A)-(C) – See also September 2013 CFPB Bulletin.

•  Upon notice, furnisher must conduct reasonable investigation and update inaccurate or incomplete information. Gorman v. Wolpoff & Abramson, LLP, 584 F.3d 1147, 1157 (9th Cir. 2009)

•  There is NO PRIVATE RIGHT OF ACTION - against a furnisher not made via the CRA; See Nelson v. Chase Manhattan Mortgage Corp., 282 F.3d 1057, 1060 (9th Cir.2002) - private right of action against furnisher until consumer notifies the CRA and no duty to investigate arises until furnisher receives dispute.)

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NARCA


FCRA - Reasonable Investigation

•  Furnishers must also report bona fide disputes; no obligation to "report a meritless dispute, because reporting an actual debt without noting that it is disputed is unlikely to be materially misleading." Gorman, 690 F.3d at 1163.

•  Information can be inaccurate or incomplete if it is "patently incorrect, or because it is misleading in such a way and to such an extent that it can be expected to adversely affect credit decisions." Drew v. Equifax Info. Servs., LLC, 690 F.3d 1100, 1108 (9th Cir. 2012).

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NARCA


FCRA - What is a “Reasonable Investigation” •  Whether an investigation is “reasonable” under the FCRA is a question

of fact for the jury. Edeh v. Midland Credit Mgmt., Inc., 748 F.Supp.2d 1030, 1039 aff'd; 413 F. App'x 925 (8th Cir.2011)

•  Sine furnisher's obligation to conduct reasonable investigation under § 1681s–2(b) arises when it receives notice of dispute from a CRA, it need investigate based description in the CRA's notice of dispute.” Anderson v. EMC Mortgage Corp., 631 F.3d 905, 908 (8th Cir.2011)

•  What is a “reasonable investigation” varies under circumstances. Limited investigation may be appropriate when CRAs provide furnisher with vague or cursory information about a consumer's dispute.”; Gorman v. Wolpoff & Abramson, LLP, 584 F .3d 1147, 1157 (9th Cir.2009).

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NARCA


Reasonable Investigation •  If Consumer provides information independent of info. received from CRAs, should

consider in investigation. Chiang v. Verizon New England Inc., 595 F.3d 26, 40 (1st Cir. 2010)

•  Mere disputes insufficient to establish an unreasonable investigation. Id. •  FCRA does not require CDV investigation be correct; only must be reasonable.

Main v. Inv. Retrievers, Inc., 2014 WL 3579613, at *4 (D. Or. July 18, 2014) •  Simple review of dispute ok where CRA provides no details re dispute. CRA

Gustafson v. Experian Info. Solutions Inc., 2015 WL 3477071, at *5 (C.D. Cal. June 2, 2015)

•  If investigation not reasonable, no liability if information furnished was accurate. Davidson v. Capital One, N.A., No. 14-20478-CIV, 2014 WL 6682532, at *4 (S.D. Fla. Nov. 25, 2014) 21

NARCA


Reasonable Investigation – Direct Disputes

•  UndertheFurnisherRule,furnishersmustalsoconductareasonableinves8ga8onofdisputesreceiveddirectlyfromconsumersinmostcircumstances.16C.F.R.§660.4.(exceptnon-receiptofsufficientinforma8onmustsendle[erin5businessdaysreques8ngaddi8onalinforma8on)

•  NoprivatecauseofacKonexistsforfailuretoinvesKgateadirectdispute1681s–2(a),because“thestatuteplainlyrestrictsenforcementofthatprovisiontofederalandstateauthori8es.”Corciav.AssetAcceptance,LLC,No.13-CV-6404JFBGRB,2014WL3656049,at*5(E.D.N.Y.July22,2014)

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NARCA IdenKtyTheg

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NeedtovalidateinformaKonassociatedwithredflagdisputecodes:

Ø  AddressmismatchØ  SocialsecuritymismatchØ  Pro-Tip:WhenevaluaKngaporiolio,youmightwantto

includetheseller'sredflagcontrolsaspartofthedue-diligenceprocess

NARCA


Must Conduct Reasonable Investigation – ID Theft Claim

•  Impact of Lack of Identity Theft Affidavit - Requiring a fraud affidavit as company policy does not obviate investigation. Boggio v. USAA Fed. Sav. Bank, 696 F.3d 611, 620 (6th Cir. 2012)(“Failure of a consumer to provide identify-theft information listed under § 1681g cannot obviate a furnisher's § 1681s–2(b) duty; Congress would have indicated by including or cross-referencing the same language of § 1681g within § 1681s–2(b) itself.”)

•  Therefore, a reasonable investigation with respect to an identity theft claim likely has to go beyond the pleadings.

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NARCA PermissiblePurpose

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q  musthavea“permissiblepurpose”forobtainingaconsumerreport.See15U.S.C.§1681b(f)-Goodfaithbeliefaccountsubjecttodebtcollec8on=ok.

q  Permissiblepurpose–debtcollec8on.15U.S.C.§1681b(a)(3)(Nopriordealings

withconsumerneeded).Romanellov.SeleneFin.,LP,2015WL2400480,at*1(E.D.N.C.May19,2015))

VOLUNTARYTRANSACTION-Topullcreditreportindebtcollec8oncontext,debtmuststemfromatransac8onini8atedbytheconsumer.Pintosv.Pac.CreditorsAss'n,565F.3d1106,1114(9thCir.2009)(nottowingdebt;taxes;gov’t.fines)Permissiblepurposeincludes:“Legi8matebusinessneed”15U.S.C.§1681b(a)(F)(I).-Catch-allprovision-Tobenarrowlyconstrued

NARCA PermissiblePurposetoObtainConsumerCreditReport

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SogPull• Sobpullswon'tpostaninquirytoaconsumer'screditreport• Won'timpactthescore.• Youhavetogetacodefromthebureau.• Won'tgiveyouafullreport.• Obenusedinskip-tracing

HardPull• Givesyoutheen8reaccountdetail• Willaffecttheconsumer’screditscore

NARCA PermissiblePurpose

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Permissiblepurposefor“Review”ofporyolio-15U.S.C.1681b(a)(3)(E)Appliestobuyers,insurersandservicersofaccountsevalua8nganexis8ngaccountbeforeagreeingtopurchase,insureorservicetheaccount-15U.S.C.1681b(a)(3)(E)Careful–Catch22with“review”ofporyolio–proof/evidence?Permissiblepurposeforextensionofcredit-15U.S.C.1681b(a)(3)(A)

NARCA E-Oscar

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IndustrystandardforenteringandreplyingtodisputesAnACDVisonewherethedisputeisreceivedfromthebureau

•  Youmaynothavethefull30daysAnAUDiswhatyouwouldusetoenteradirectdispute(receiveddirectlyfromtheconsumer)The30dayinves8ga8onstartsfromthedatethedirectdispute(coun8ngfromwhenthemailisopened)isreceivedviaE-OscarAbilitytoreceiveandrespondinbatch.Thisaidsinanaly8cs.

NARCA FCRAandStateLaws-OHMY,MORE???

•  Sec8on625oftheFCRAregulatestherela8onshipbetweenstateandfederalcreditrepor8nglaws.–  Generally,theFCRAdoesnotpreemptstatecreditrepor8nglawunlessthestatelawisinconsistentwiththeFCRA.

–  Ifthestatelawgivesgreaterprotec8ontotheconsumer,itisnotpreemptedandthemorerestric8vestatelawwouldapply.

–  ReviewACASearchPointNo.1255–StateCreditRepor8ngrules

NARCA TheCFPBandtheFCRA•  In March 2014 - CFPB Bulletin warned furnishers of consumer data information to

CRAs they must comply with FCRA's re-investigation requirements.

•  Furnishers to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information furnished about a consumer to a consumer reporting agency

•  Game changer – 9/2013 - Furnishers must review “all relevant information” provided by CRA.

•  Direct disputes by consumer to furnisher triggers furnisher investigation duties.

•  Merely deleting a trade-line does not comply with FCRA's reinvestigation requirements. The CFPB warned: A furnisher should not assume that it ceases to be a furnisher with respect to an item that a consumer disputes simply because it directs the CRA to delete that item (2/2014).

•  Why? – Investigation results require notification to all consumer reporting agencies re: inaccurate information.

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NARCA CFPBExpectaKons

•  The CFPB expects financial institutions to conduct a reasonable investigation with respect to disputed information after receiving a dispute notice from a consumer or a CRA and to report its findings to the consumer or CRA (whichever is appropriate) in a timely fashion;

•  Simply deleting trade lines after receipt of a direct or indirect dispute will not suffice and does not fulfill the requirements of Regulation V; and

•  The CFPB expects entities to track, investigate and resolve all direct or indirect consumer dispute

NARCA OtherFCRAIssues

•  Liability - Administrative enforcement •  Federal Trade Commission has enforcement authority. •  Any violation of FCRA can be or deceptive practice

under FTC Act. (UDAAP) •  FTC can commence civil action against alleged violator. •  Penalties of up to $2,500 per violation. •  CFPB Enforcement powers

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NARCA AboutNARCA

ThemissionofNARCAistoshibthepublicconversa8onabouttheNARCAindustryinordertohelpcreditorsandcollec8onprofessionalsreducerisk,lawsuits,andbadpress;we’dliketochangeconsumerpercep8onthatspeakingwithcollectorsshouldbeavoided.NARCAprovidesthemostcredibleplayormforserviceproviderstoreachpoten8alclients,andisalsouniquelyqualifiedtohelpNARCAbusinesseswiththeirownwebsites,socialmediaprograms,andoverallmarke8ngstrategies.

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NARCAContactInfo:

DavidKaminski,Esq.CARLSON&MESSERLLP5959W.CenturyBlvd.,Suite1214LosAngeles,[email protected]

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KeithWier,Esq.BUSH&RAMIREZPLLC5615KirbyDrive,Suite900Houston,TX77005(713)[email protected]

NARCA–  Beconserva8veinyourdetermina8onofDOD.–  AssignedtocollecKoncantriggertheDOD-thismeans

•  eitherinternally(actualdunningle[ersinsteadofbillingstatements)

•  externallytoathirdpartyagency.55FR18804–  TheDODdoesnotchangeuponassignmenttoanthirdpartycollec8on

agencyorreassignmenttoanotheragency.–  therepor8ngperiodisnotextendedbysubsequentpayment.55FR

18804-01–  Onceaccountispaidinfull,datafurnishershouldnotremove

informa8on-RemovalmaybecountertoyourMetro-2agreement.


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OtherImportantElementsofAccurateReporKng•  Onanyforbearanceplanwherepaymentsaredeferred(evenifonlyfor1month)theTermsFrequencyvalueMUSTbereportedas“D”forthatmonthandtheK4segmentMUSTbereportedwiththedatethenextpaymentisdue.

•  Oncedeferralperiodiscompleted,theTermsFrequencyshouldbechangedbacktotheoriginalvalueandK4wouldnolongerbereported.

•  Bankruptcyrepor8ngmustoccurseparatelyandindividually,onlyonthebankruptborrower(s)

•  Deceasedrepor8ngonthedeceasedindividualandnotattheaccountlevel•  Reportthedeceasedparty18measdeceasedanddonotreportthedeceasedpartygoingforward

•  Ifthereisanothernon-deceasedliableconsumerontheloan,theyshouldbemoveduptothePrimaryBorrowerposi8on(replacingthedeceasedborrower)andthedeceasedborrowershouldnolongerbereported.

•  Ifnonon-deceasedliableconsumersassociatedwiththeaccount,completelystoprepor8ng.Probateand“Estateof”accountsshouldnotbereported(theywillberejectedbythebureaus).


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OtherImportantElementsofAccurateReporKng•  (DebtBuyers)Providingtheconsumerandbureauswiththeabilitytotracebacktothe

originoftheaccount,aswellasmatchtothecorrectconsumer’sbureau.•  K2segmentmustbereportedthe1st8meaberpurchasecorrectlylis8ngthelegalen8ty

nameoftheseller.•  K2segmentmustbereportedwiththeassetsaleinforma8ontoprovidethelegalen8ty

nameofthebuyer•  Passalloftheaccountinforma8onreceivedfromtheoriginalownertothebuyer(i.e.,Date

Open,DateofFirstDelinquency,OriginalLoanAmount,CreditLimits,OriginalCharge-offAmount,etc.)

•  MisuseoftheDAdeletecode•  ShouldNEVERbeusedtonego8atepayments.•  ShouldNEVERbeusedfor“courtesy”dele8ons


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Infoobtainedfromlender/originalowner–whatisneededandwhy•  Consumer’srela8onshiptoand/orliabilityforaccount•  UsingthecorrectECOAcodeforeachindividualontheloan(1=individual,2=joint,5

=guarantororco-maker)•  Accuraterepor8ngofcustomerIDinfoandkeyaccountfieldstomatchcorrect

borrower•  Fullborrowername,includingcorrectlyrepor8nggenera8onalinforma8on(suffix)in

theGenera8onCodefield•  Accountdates,especiallyDateOpenandDateofFirstDelinquency•  AccountStatus,CurrentBalance,OriginalCharge-offAmount,AmountPastDue•  Originalloanamounts,creditlimits,currentandpastduebalances,deferralsand

scheduledpayments•  AnyoutstandingComplianceCondi8onCodes(disputecodes)suchascodesthat

denoteopendisputesorresolveddisputeswhere“customerdisagrees”


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CommonErrors•  NotobtainingthecorrectDateofFirstDelinquencyfromtheoriginalowner•  NotobtainingtheDateOpenfromtheoriginalowner•  Notrepor8ngtheK2segmentatpurchaseandsale•  Notrepor8ng“D”deferralswhererequired,alongwiththerequiredK4segment

•  Notclearlydefiningrepor8ngresponsibili8esbetweenAgency/Servicerandaccountowner

•  UsingDAdeletecodes•  Notrepor8ngbankruptcyattheindividuallevel•  Con8nuingtoreportdeceasedaberini8alno8fica8ontothebureau•  Repor8ngestate/probateaccounts


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ImplementCreditReporKngandDisputesComplianceProgramincludingamulK-levelreviewprocess•  Doa“realitycheck”auditontheMetro2®filepriortosendingout(wherepossible)•  Setupaprocesswiththebureaustoconfirmanddocumentfilereceiptandvolumes•  AudityourfileforcompliancewiththeMetro2®criteria•  Obtainmonthlysta8s8c(“RejectandErrorReports”)fromeachCRAreceivingyourdata-

evaluateresultsforerrortrendsand/ordataerrorsthatcanbecorrected•  Correc8onsshouldbemadetothecoresysteminordertoeliminatetheriskofre-

pollu8ngtheconsumer’sbureau•  AudittheintegrityofthecoresystemconversionofdataintotheMetro2®formatand

values•  Annualauditofallcomplianceprocesses


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TheFCRAappliestodebtsreportedtotheconsumercreditbureaus.“Person”appliestobusinessen88esandindividuals“Consumer”appliestoanindividual

NARCA CFPBExpectaKons

•  TheCFPBhasstatedthattheyexpectthatalldebtcollectorswillestablishandimplementwri[enpoliciesandproceduresregardingtheaccuracyandintegrityoftheinforma8ontheyfurnishtoconsumerrepor8ngagencies.

•  TheCFPBexamina8onsofdebtcollectorsfocusedontheireffortstoreasonablyinves8gatedisputesreceivedfromconsumersandconsumerrepor8ngagencies.

Documents

The Fair Credit Repor/ng Act: What You Really Need to Know ...€¦ · 10/17/2015 · • Nagim v. Equifax Info. Servs., LLC, No. 09-CV-02428-PAB-KLM, 2011 WL 1755183, at *4 (D