Reading Credit Reports, Preventing Application Fraud, and Compliance, Compliance, Compliance!

It's not what you know that will hurt you when lending-it's what you don't know!  In a USA Today Snapshot entitled "Different Faces of Fraud", financial professionals concluded that 19% of the fraud committed against their institution was on the front end of the application process.  Learning how to read and understand credit reports is a lending basic.  We will cover the Big 3's (Equifax, Experian, TransUnion) data and look at the good, the bad and the ugly of each. Learn what you can do to uncover inaccurate information before you and your institution become the victim.

Covered Topics:

  • Catching fraud before it happens;
    • Identity Theft Prevention must be part of your Red Flag Guidelines
      • How crooks use the system to create fake Credit Files
      • Shady consumers use legal Tax Identification Numbers to create new Credit Identities
      • Fraud Alert Products that work to reduce your risk
  • Using the right credit report will help you make better loans, and reduce you're A/R;
    • Did you know there are credit files that make debt to income comparisons easier?
      • There are enhanced Credit Reports for collection and skip tracing purposes
      • Review National Social Security Number Searches Verification products
      • The Credit Reporting Service you are using may not be the best Report for your area!
      • Review and determine the best Commercial Credit Reports for your company.
  • Understanding and using credit scores to streamline the lending process;
    • Credit scoring when opening, monitoring, and closing accounts
    • Credit scoring to prioritize accounts receivable
    • Reviewing the factors that determine the Credit Score
    • New bankruptcy scoring models-will they work?
  • Compliance, Compliance, Compliance:
    • New Adverse Action Notices
    • Disparate treatment of applicants associated with credit scoring,
    • RED FLAG Guidelines
    • Fraud Alert & Military Alert Notifications Requirements
    • Permissible Purpose
    • Consumer Disputing Your Data- you cannot ignore or just refer to NCRA
    • Disposal of confidential records
    • Accuracy & Integrity of Data- preventing re-pollution of credit reports
    • Providing Free Credit reports to consumers

Who Should Attend?

This informative session is designed for your CEO, President, Managers, Branch & Assistant Managers, Loan Committee, Credit Analyst, Lenders, Compliance Officers, Collectors, Human Resource Director, Trainers, or any employee who uses, views, or stores sensitive consumer credit information.