BRG and Experian provided a reintroduction to the Fair Credit Reporting Act (FCRA) and FCRA automation.
BRG’s Michael Canale, Laura Gudaitus, and Emily Ness joined Lisa DeLessio (Hudson Cook) and John Oronte (Experian) to provide an overview and history of the FCRA and an analytics overview with a focus on important tools and tests. They also discussed automation, complaints, and Consumer Financial Protection Bureau (CFPB) updates. Find out more.
Enacted in 1970, the FCRA established the framework to ensure the accuracy, integrity, fairness, and privacy of information in consumer credit bureaus.
The FCRA continues to be a hot topic for financial institutions, consumers, regulators, and even legislators. Given the increased scrutiny around CARES Act compliance, renewed focus of the CFPB under the Biden administration, and recent legislative focus on the accuracy of credit reporting data, financial institutions should monitor their compliance with FCRA carefully. Combined with ever-mounting pressure to contain costs, financial institutions need solutions to improve furnishing and dispute accuracy, expand quality assurance testing, and monitor performance in ways that ultimately reduce compliance program costs.