Available in:

OnDemand Course

Understanding FCRA and FACT Act in Collections

Stay compliant with credit reporting regulations and avoid litigation risk.

Debt collectors, mortgage servicers, and finance companies remain at the center of litigation and regulatory scrutiny. Collectors are subject to extensive rules and limitations concerning credit reporting and credit reporting disputes under the Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Suits under the FCRA are increasing, and adverse verdicts for FCRA violations can be substantial. This topic will discuss the history of the FCRA and the FACT Act, as well as recent developments in credit reporting litigation. The program will provide an overview of regulated conduct, the practical implications on regulated entities, and best practices and procedures to ensure compliance. The program will also highlight litigation risks and potential defenses, as well as interaction with state law. This presentation will provide an overview of the evolving regulatory landscape with regards to credit reporting to assist with compliance obligations and to avoid litigation risk.

67 minutes
Course Exam
Certificate of Completion
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of the FCRA and FACT Act

  • Who Is Covered?
    • Furnisher vs. Consumer Reporting Agency
  • What Conduct Is Regulated?
    • Consumer Reporting
    • Data Accuracy
  • What Damages Are Recoverable?
  • FACT Act Changes

FCRA Duties

  • Duties of Credit Reporting Agencies
    • Accurate Data
    • Data Security
    • Required Disclosures
    • Addressing Disputes
    • Identity Theft and Special Reports
  • Duties of Furnishers
    • Accuracy of Reporting
    • Duty to Correct and Update
    • Duty to Investigate Disputes

Best Practices for CRAs and Furnishers

  • Ensuring Accuracy and Integrity of Data
  • Direct Dispute Handling
  • Indirect Dispute Handling
  • Identity Theft Practices

FCRA Liability and Litigation Issues

  • Willful Versus Negligent Violations
  • Standing to Sue
  • Reasonableness of Investigations
  • Accurate Versus Misleading
  • FACT Versus Legal Disputes
  • Bankruptcy
  • Pay Status
  • Dispute Codes
  • Interaction With State Law
  • Interaction With Other Federal Statutes
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Maine, Ohio, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on November 17, 2022.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.0
     
  • Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.1
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • FL CLE 1.5 including Business Litigation 1.5
     
  • This course has been approved by The Florida Bar for 1.5 hours of CLE credit. This course has been approved by The Florida Bar Certification Plan in the areas of Business Litigation for 1.50 hours. Course classification: Intermediate level.
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.1
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.1 hours of Distance Education credit.
     
  • KS CLE 1.0
     
  • This course has been approved by the Kansas Continuing Legal Education Commission for a maximum of 1.0 CLE credit hours.
     
  • KY CLE 1.0
     
  • This activity has been approved by the Kentucky Bar Association Continuing Legal Education Commission for a maximum of 1.0 credits.
     
  • LA CLE 1.1
     
  • This program has been approved by the Louisiana State Bar MCLE Committee for 1.1 CLE hours.
     
  • MN CLE 1.0
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.0 hours of credit.
     
  • MO CLE 1.3
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MS CLE 1.1
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.1 credit hours.
     
  • ND CLE 1.0
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
     
  • NH MCLE 1.1
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 67 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NM CLE 1.1
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.1 hours of credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • OK CLE 1.0 including Ethics 0
     
  • This course has been approved by the Mandatory Continuing Legal Education Commission of Oklahoma for a maximum of 1.0 hours credit, of which 0.00 hours are credits covering legal ethics.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.12
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.12 hours of credit.
     
  • TX MCLE 1.0
     
  • This program has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.0 credit hours. Lorman Education Services is an accredited sponsor, approved by the State Bar of Texas, Committee on MCLE. This program has been approved by the Texas State Bar College for 1.0 hours of CLE credit.
     
  • VA CLE 1.0
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Walter J. Buzzetta

Walter J. Buzzetta

Stradley Ronon Stevens & Young, LLP

  • Counsel, Stradley, Ronon, Stevens & Young, LLP
  • Practice focused on defending financial institutions from claims arising out of nearly every type of consumer and commercial financial product
  • Litigates consumer lending and financial services cases nationwide, with a primary focus on defending claims under the FDCPA, FCRA, TILA, TCPA, ECOA, and RESPA, as well as class action, deceptive trade practices, and fraud claims
  • Regularly advises financial services companies on strategic planning, risk assessment, and regulatory compliance
  • Defends single-plaintiff lawsuits and arbitrations as well as class action lawsuits against banks, mortgage lenders and servicers, student lenders, auto finance companies, debt collection companies, and other financial services institutions
  • Served as in-house senior counsel for a mortgage lending and servicing vendor and defended nationwide litigation claims
  • Conducts seminars on numerous consumer finance topics
  • J.D. degree, Duke University; B.A. degree, Southern Methodist University
  • Can be contacted at [email protected] or 202-507-6407
Adam M. Kaplan

Adam M. Kaplan

Stradley Ronon Stevens & Young, LLP

  • Counsel in the office of Stradley, Ronon, Stevens & Young, LLP
  • Practice focused on complex state and federal litigation concerning mortgage lending, consumer finance, and commercial litigation
  • Counsels clients on regulatory compliance, risk assessment, and advises on enforcement actions and investigations
  • Defends both single plaintiff and class action lawsuits against banks, mortgage lenders and servicers, student lenders, credit card companies, auto finance companies, debt collection companies, and other financial services institutions
  • Conducts seminars on regulatory compliance and developments under the FDCPA, Regulation F, and FCRA
  • B.A.degree, Northwestern University; J.D.degree, Rutgers Law School
  • Can be contacted at [email protected] or 202-505-5155
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 410094
Published 2022
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!