Fair Credt Reporting Act - Regulation V

FCRA

consumers have the right to their credit file under these circumstances:

• the information in a credir report resulted in adverse action
• the consumer was a victim of identity theft and a fraud alert was inserted in the credit file
• the credit file contains inaccurate information as a result of fraud
• the consumer is on public assitance or is unemployed
• once free disclosure every 12 months is authorized thorugh FACTA

• burning or shredding papers that contain consuer report information so that information cannot be reconstructed
• destroying or erasing electronic files or media so taht information cannot be recovered or reconstructed
• placing all pending loan documents in locked desks, cabinets, or storage rooms at the end of the workday

Red Flag Rules

Section 114

• financial institutionsand creditors to implement a written identity theft prevention program
• card issuers to asess the validity of change of address requests
• users of consumer reports to reasonably verify the identity of the subject ofa consuemr report in the event of a notice of address discrepancy

S - safeguard Rule

P - pretexting provisions

F - financial privacy rule

• ensure the security and confidentiality of consumer records
• protects against any anticipated threats or hazards to the security of such records
• protect against the unauthorized access or use of such records of information in ways that could result in substancial harm or inconvenience to customers

• 2001
• anti-terrorism/anti-money laundering

USA Patriot Act

Minimum Date Required

1. name
2. DOB
3. address
4. ssn

• managed by FTC
• lender to update every 3 months

National Do Not Call Registry

Established Business Relationship

• 18 months after the consumer's last purchase
• 3 months after the consumer's last inquiry