Compliance Training: Fair Credit Reporting Act (FACT Act)

Course Objectives:

Explain the legal rights of consumers under the Fair Credit
Reporting Act to inspect credit report files maintained on
them by credit bureaus, to dispute erroneous information
contained in the files, and to be given notice if adverse action
is taken against them based on information contained in a
credit report
Describe the duties of credit bureaus to disclose their credit
credit files to consumers, to exclude outdated information, to
correct erroneous information, and to furnish credit reports
only for permissible purposes
Explain the Fair and Accurate Credit Transactions Act
(Fact Act)
Summarize how the Fair Credit Reporting Act is enforced
and what liability may be imposed for violating it

Target Audience: Employees of credit bureaus, and employees of financial institutions and other companies who use consumer credit reports, who furnish information to credit bureaus, or who are responsible for compliance in these areas

Study Time: 2 hours

Author:
Digital University staff

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