Course Description
Whether you’re a consumer concerned about your credit and protections or a creditor trying to remain compliant while extending offers of credit, it’s important to know about the rights of consumers and the responsibilities of those who do business with them. In this course, you will learn about the federal Fair Credit acts that are meant to protect both consumers and individuals. You will also explore requirements, disclosures, and the Red Flags Rule designed to protect against identity theft. After completing this course, you’ll understand more about the three major credit agencies, be able to identify adverse actions, understand disclosures and disputes, and know when and how to address discrepancies.
Learning Objectives
- Understand the difference between individuals and consumers as they pertain to credit reporting agencies
- Be able to identify and avoid adverse actions against consumers, as well as how to address disputes and discrepancies
- Know what does and does not constitute a consumer report
- Identify the Fair Credit Reporting Act versus the Fair and Accurate Credit Transactions Act
- Grasp the basics of the Red Flags Rule
Skills You Will Learn
- Consumer Protection
- Credit Reports
- Equal Credit Opportunity Act
- Fair And Accurate Credit Transactions Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
What You'll Learn
- Distinguish between individuals and consumers as they pertain to credit reporting agencies
- Identify and avoid adverse actions against consumers, and address disputes and discrepancies
- Determine what does and does not constitute a consumer report
- Differentiate the Fair Credit Reporting Act from the Fair and Accurate Credit Transactions Act
- Grasp the basics of the Red Flags Rule designed to protect against identity theft
- Explore consumer rights, enforcement, disclosures, and address discrepancies
Key Takeaways
- The course covers the federal Fair Credit acts meant to protect both consumers and individuals.
- It addresses requirements, disclosures, and the Red Flags Rule designed to protect against identity theft.
- Learners examine the three major credit agencies and how to identify adverse actions.
- The course explains disclosures and disputes and when and how to address discrepancies.
- It distinguishes the Fair Credit Reporting Act from the Fair and Accurate Credit Transactions Act.
Frequently Asked Questions
Who is this course for?
It is for consumers concerned about their credit and protections, as well as creditors trying to remain compliant while extending offers of credit.
What does this course cover?
It covers the federal Fair Credit acts that protect consumers and individuals, including requirements, disclosures, and the Red Flags Rule designed to protect against identity theft.
What will I be able to do after completing this course?
You will understand more about the three major credit agencies, be able to identify adverse actions, understand disclosures and disputes, and know when and how to address discrepancies.
What is the difference between the FCRA and FACTA in this course?
The course helps you identify the Fair Credit Reporting Act versus the Fair and Accurate Credit Transactions Act, with dedicated lessons on FCRA and FACTA.
What topics are included in the lessons?
Lessons include the FCRA, Requirements and Adverse Actions, Consumer Reporting Agencies and Consumer Reports, Disclosure and Disputes, Consumer Rights and Enforcement, FACTA, the Red Flags Rule, and Address Discrepancies.
