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#1337459 - 02/04/10 03:58 PM Section 312 Fact Act
raitchjay Online
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OK
Ok...what's section 312 of the Fact Act and we have to have it up and running by july?
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#1337466 - 02/04/10 04:06 PM Re: Section 312 Fact Act raitchjay
Ted Dreyer Offline
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Regulations involving accuracy of information and direct disputes of information become effective then:

Section 312 regs

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#1337480 - 02/04/10 04:17 PM Re: Section 312 Fact Act Ted Dreyer
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Thanks Ted. Can you point me to the where i can find section 312 itself in the Reg, instead of the final rule. Isn't the final rule where they tell you the entire history of it, the arguments made back and forth, etc.? That is always confusing to me....but when i pull up my version of the FCRA/FACTA, i see sections starting in the 600s.....confused.
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#1337491 - 02/04/10 04:24 PM Re: Section 312 Fact Act raitchjay
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It's section 623 isn't it? I'm thinking maybe the 623 is a FCRA thing where the 312 of FACTA got inserted...is that how that works?
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#1337781 - 02/04/10 07:40 PM Re: Section 312 Fact Act raitchjay
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Right. Section 623 is the section number of the Fair Credit Reporting Act and section 312 is the section number from the FACT Act, which was a series of amendments to the FCRA.

The two parts of section 623 that were added for these requirements were subsection (a)(8) and subsection (e).

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#1337936 - 02/04/10 09:22 PM Re: Section 312 Fact Act Ted Dreyer
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OK
thanks
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#1342297 - 02/11/10 09:30 PM Re: Section 312 Fact Act raitchjay
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The final rules implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies (CRAs) and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines.

Does anyone have a written policy and procedure that I can use as a template? I know what we do, I just need to write it out but a template would really help out.

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#1343091 - 02/12/10 08:14 PM Re: Section 312 Fact Act jlroberts
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Never mind. I found an awesome template in the BOL Banker Tools. smile

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#1343482 - 02/15/10 09:04 PM Re: Section 312 Fact Act jlroberts
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What is the effective date for this section?

Also, does anyone have any procedures yet that they would be willing to share?
Last edited by CSB1; 02/15/10 09:07 PM. Reason: add question
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#1343602 - 02/16/10 03:04 PM Re: Section 312 Fact Act CSB98
Ted Dreyer Offline
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Effective date is July 1, 2010.

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#1344010 - 02/16/10 07:15 PM Re: Section 312 Fact Act Ted Dreyer
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#1353498 - 03/05/10 10:35 PM Re: Section 312 Fact Act jlroberts
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*bump*

If the bank only reports to one of the 3 credit reporting agencies, would it be safe to say that the bank would only have to ensure that the information provided to the one CRA meets the guidelines for accuracy and integrity?

Example: If customer disputes information on a CBR that is from a CRA the bank does not report to, the bank has no way to investigate because the information would have been received from a third party - not directly from the bank. If the bank verifies that the information it provides to its CRA is accurate, is that sufficient?
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#1353707 - 03/08/10 04:35 PM Re: Section 312 Fact Act Tigg
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Direct Dispute ___.43(b)Exceptions
(vi) Information provided to a consumer reporting agency by another furnisher;
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#1353858 - 03/08/10 06:52 PM Re: Section 312 Fact Act StevenD
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Thanks!
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#1353912 - 03/08/10 07:53 PM Re: Section 312 Fact Act Tigg
ramona Offline
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With the section 312 of the FACT Act being effective 7/1/2010 need a refresher, does anyone remember when Chex Systems was determined to NOT be a CRA under previous section of the FACT Act that were imposed? In an earlier webinar there was a Q&A which indicated Chex Systems IS considered a CRA....just want to get this correct.

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#1353943 - 03/08/10 08:18 PM Re: Section 312 Fact Act ramona
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Chexsystems is a CRA. The confusion arises because some FACT Act sections apply to all CRAs, while other sections apply only to those CRAs defined in section 603(p), which means only the Big Three. This section applies to all CRAs.

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#1353965 - 03/08/10 08:42 PM Re: Section 312 Fact Act Ted Dreyer
ramona Offline
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Thanks for the clarification!

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#1362340 - 03/23/10 03:30 PM Re: Section 312 Fact Act ramona
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Silly question: we do not report to credit bureaus but we do submit information to ChexSystems on abuse of deposit accounts - any ideas as to how in depth our procedures need to be in order to be compliant? We do have an identity theft/red flag program in place that deals with the other big piece of facta. Thanks!

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#1363879 - 03/25/10 04:10 PM Re: Section 312 Fact Act ggb
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In order to comply with this we only need the following?:

1) written policy/procedures
2) some type of log for disputes (maybe info worksheet w/dates)
3) form for communicating to customer
4) training for those who deal with disputes

I am feeling a little overwhelmed from just finishing up escrow training and trying to get on to the next fun item (there are so many to choose from).

Please provide any info if I missed anything.

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#1365450 - 03/29/10 04:18 PM Re: Section 312 Fact Act JobSecurity
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Thanks for the little checklist above. I am now just getting to this. Is there anything else we will do to comply with the changes?

The policy we currently have in place is pretty similar to the one on BankersOnline. Would this policy be sufficient? We then would just need to develop procedures for furnishing inofmraiton to consumer reporting agencies?
Last edited by ahkcompliance; 03/29/10 08:06 PM.
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#1371012 - 04/07/10 11:58 PM Re: Section 312 Fact Act ahkcompliance
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Appendix E to the regulation includes guidelines for developing your policies and procedures. We are supposed to incorporate those that are appropriate.
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#1375144 - 04/16/10 01:50 PM Re: Section 312 Fact Act JobSecurity
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Somewhere in the middle
Originally Posted By: Deb G
In order to comply with this we only need the following?:

1) written policy/procedures
2) some type of log for disputes (maybe info worksheet w/dates)
3) form for communicating to customer
4) training for those who deal with disputes

I am feeling a little overwhelmed from just finishing up escrow training and trying to get on to the next fun item (there are so many to choose from).

Please provide any info if I missed anything.


What is the form you refer to in #3?
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#1376035 - 04/18/10 04:21 PM Re: Section 312 Fact Act DD Regs
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How are banks verifying the credit information transmitted (Appendix E, section III(d))? For example, are you getting a report from your core processor (if they are ones that actually transmit the data to the credit bureaus)?

Also, what sample size are you using?

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#1376237 - 04/19/10 03:32 PM Re: Section 312 Fact Act TheQueen
raitchjay Online
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Ok....we already have a Red Flag policy.....with the implementation of Sec. 312 of the FACT Act...should we AMEND that policy to include these requirements?
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#1380727 - 04/23/10 06:30 PM Re: Section 312 Fact Act raitchjay
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I've looked at the sample policy, and the section on "Responsibility of Furnishers of Credit Information" (pg 17-22) seems to adequately cover the requirements of the reg. I am suggesting to management adding a variation of it (tailor it to our operations a bit more) as an appendix or amending and expanding the one paragraph-long section we currently have in our Red Flag policy.

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