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Fair Credit Policy Manual

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) provides authority to the Consumer Financial Protection Bureau to "prevent financial harm to consumers while promoting good practices that benefit them." The CFPB has authority under Dodd-Frank to supervise mortgage companies and consumer reporting companies. One of the CFPB strategies to accomplish this goal is to enforce compliance with federal consumer financial laws and prevent unlawful discrimination.


Overview

Are you responsible for ensuring your company's compliance with consumer protection and fair credit laws? Look no further than AllRegs latest policy release, the Fair Credit Policy Manual. This policy reviews the requirements under Regulation V, the Fair Credit Reporting Act. The Fair and Accurate Transactions Act (FACTA) amendments to FCRA as well as those addressed in Title X Section 1088 of Dodd-Frank have been fully integrated into the policy. This manual is designed to aid mortgage brokers, lenders, and servicers in the implementation of fair credit policies relating to confidentiality, accuracy, and utilization of consumer reports; the furnishing of information to consumer reporting agencies; requirements for model disclosure to consumers, and affiliate marketing.

Mortgage bankers/brokers/lenders and servicers have certain duties as users of consumer credit reports and as furnishers of credit information to consumer reporting agencies. AllRegs integrated Fair Credit Policy Manual outlines the responsibilities with which mortgage industry participants must comply.

Benefits

AllRegs Fair Credit Policy Manual offers the following benefits:

  • Recognizes federal regulations surrounding consumer protection laws and highlights the risks associated with noncompliance
  • Reviews permissible purposes in obtaining a consumer report
  • Identifies lender/servicer responsibilities for:
    • Furnishing information to consumer reporting agencies (CRAs)
    • Managing disputed credit information, address discrepancies, risk based pricing notices, and other disclosures
    • Addressing fraud alerts and active duty alerts
  • Provides oversight for managing red flags and an Identity Theft Program

Even better, this plan includes:

  • Complete Fair Credit Policy Manual, saving you development time and resources
  • This manual is delivered via email within one business day after purchase
  • Formatted in an Adobe document
  • Meet your regulatory or internal compliance requirements
  • Affordable one-time purchase fees

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!

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