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May 14, 2008 - Credit union regulators and credit union staff attended NASCUS’ Practical Implications of Section 312 of the Fair and Accurate Credit Transaction Act (FACTA) webinar on May 13 to further understand compliance on this timely topic.
The webinar focused on credit bureau reporting and data accuracy as it relates to the implementation of section 312 of FACTA. Jennifer Maisano, president and CEO of Credit Bureau Strategy Consulting, LLC, touched on a variety of topics including defining what constitutes “reasonable procedures,” what types of analytics credit unions need to create, what can be done to control dispute volumes and the role that credit bureaus have in FACTA 312 compliance.
Maisano walked participants through sections of Fair Credit Reporting Act (FCRA) and FACTA, the current requirements of data furnishers, ways to test and evaluate data integrity and the major reporting challenges that both data furnishers and data systems providers are now facing.
In addition, Maisano stressed that it is important for data systems providers to convert to the Metro 2 data format. Maisano concluded by providing 10 steps to help keep data furnishers out of hot water, including creating strategic partnerships and tracking multiple disputes for similar issues.
For more information on this or any other NASCUS webinar, contact Ryan Taylor at ryan@nascus.org.
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