Program Description:
Section 312 of the FACT Act has now been approved with a “Comply By” date of July, 1, 2010! Are you ready???
Part 2 of a 2 part series, this program delves deeper into the tools presented in the Part 1 overview program, providing a step-by-step “how to” guide for developing your mandatory FCRA and FACTA 312 compliance program. The session provides detailed strategies that are designed to meet “reasonable procedures” and examiner expectations for evaluating the accuracy and integrity of the information your institution is placing on consumers’ credit bureau files.
This program discusses what is needed to comply with FACTA 312, from a day-to-day practical application standpoint. Topics include detailed steps describing: how to request and manage annual data audits from each bureau, how to make use of reject and error reports, how to develop easy to use “reality check” reports, what is involved in creating quarterly audit processes, how to validate the bureau’s interpretation of your data, and what types of other tracking should be put in place.
KEY OBJECTIVES
Obtain invaluable information on setting up a comprehensive audit plan
for credit bureau reporting, focusing on how to test your data integrity
using specific compliance testing and tracking tools.
- Understanding how to request and manage annual data audits from each of the bureaus.
- How to make use of Reject and Error reports provided by each bureau.
- Developing easy to read “reality check” reports to quickly evaluate the overall reasonableness of your data before your bureau files are transmitted or shipped.
- What is involved in creating and conducting detailed quarterly data audits.
- Validating the bureaus’ interpretation and display of your data
- Developing dispute reason tracking and resolution, such as policies and procedures addressing root cause identification and correction.
Who Should Attend:
The Part 2 session is very detail oriented and was designed to educate staff that are responsible for data accuracy and compliance such as Data Managers, Compliance staff, Internal Auditors, Systems Staff and Risk Managers.
Presenter:
Jennifer Maisano is President of Credit Bureau Strategy
Consulting, LLC. Jennifer has 20+ years experience in the
financial industry in Credit Risk and Fraud Risk Management,
including managing Credit Bureau Strategy and Reporting for
Citigroup’s consumer finance division.
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