Are you responsible for ensuring your company's compliance with consumer protection and fair credit laws? Look no further than AllRegs latest policy release, the Fair Credit Policy Manual. This policy reviews the requirements under Regulation V, the Fair Credit Reporting Act. The Fair and Accurate Transactions Act (FACTA) amendments to FCRA as well as those addressed in Title X Section 1088 of Dodd-Frank have been fully integrated into the policy. This manual is designed to aid mortgage brokers, lenders, and servicers in the implementation of fair credit policies relating to confidentiality, accuracy, and utilization of consumer reports; the furnishing of information to consumer reporting agencies; requirements for model disclosure to consumers, and affiliate marketing.
Mortgage bankers/brokers/lenders and servicers have certain duties as users of consumer credit reports and as furnishers of credit information to consumer reporting agencies. AllRegs integrated Fair Credit Policy Manual outlines the responsibilities with which mortgage industry participants must comply.
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