Better Understand the Scope and Extent of the Fair Credit Reporting Act

Presented by Lorman Education Services

The Fair Credit Reporting Act (FCRA) is a wide-ranging statute governing the collection, maintenance, and disclosure of consumers’ personal credit information. In addition to regulating consumer reporting agencies, the FCRA imposes obligations upon furnishers and third-party users of credit information. As FCRA litigation continues to rise nationwide and compliance risks shift accordingly, it is more important than ever for industry actors alike to be familiar with the FCRA and its implications. This course will help those responsible for compliance and related litigation to understand better the scope and extent of the Fair Credit Reporting Act. This material will also highlight common scenarios that occur within the credit reporting space and explain potential legal hazards and related outcomes, including the possibility of monetary awards and even enforcement action. This course is critical for industry professionals and their counsel to ensure they are complying with the FCRA both to improve operations and minimize risk.

Learning Objectives

• You will be able to define the scope of the Fair Credit Reporting Act and the entities subject to its provisions.
• You will be able to explain the most common claims and sources of liability for credit reporting agencies, furnishers, and users of consumer reports.
• You will be able to identify the private remedies available to consumers and potential defenses available to covered entities.
• You will be able to recognize the interplay between the FCRA and state laws, class actions, and public enforcement.

Agenda

Introduction to the Fair Credit Reporting Act

• Statutory Scope
• Covered Entities

Common Claims and Sources of Liability

• Failing to Properly Investigate Consumer Disputes
• Issuing Consumer Reports for an Impermissible Purpose
• Failing to Follow Reasonable Procedures for Ensuring Accurate Information
• Identity Theft and Fraudulent Account Issues

Private Remedies and Public Enforcement

• Causes of Action
• Damages
• Common Defenses
• Enforcement Authority

Special Considerations

• Preemption of State Law Claims
• Class Actions
• Impact of COVID-19

Speaker

• Brian M. Bennett, Member, Creditors' Rights & Bankruptcy Service Group, Louisville, KY

Click here for more information and to register.