Stenger FCRA Training

1. FCRA Supplemental Training
Guide

2. Introduction to the Fair Credit Reporting Act
(FCRA)
 The FCRA is a federal law regulating the use of consumer credit information.

3. Important Terms to Know
 CDIA
Consumer Data Industry Association
Trade association for the consumer reporting companies in the country.
 The Three National Credit Reporting Bureaus:
Experian
Trans Union
Equifax
 CRAs
Consumer Reporting Agencies- entities reporting consumer data.

4. More important terms to remember:
 ACDV
 Automated Consumer Dispute Verification
Provided through E-Oscar to reporting agencies to alert to consumer disputes submitted directly to
CRAs.
 E-Oscar
 Reporting tool used by data furnishers to provide data to one of the three main bureaus
(CRAs). Also used by CRAs to provide ACDVs to data furnishers.
 Data Furnishers
 Entities reporting data to a CRA.

5. BUT… Stenger &
Stenger doesn’t
currently report to
bureaus. Why does
this matter to me?

6. Why does the FCRA matter to any debt collecting
entity?
 Stenger & Stenger’s clients report to bureaus, and therefore are bound
under the terms of the FCRA. In order to best serve our clients we must be
familiar with the act and it’s requirements.
 Because our clients report to CRAs, Stenger & Stenger must provide timely
notification of disputes and complaints to our clients. This allows them to
respond accordingly to the consumers in the manner required by the act.
 Stenger & Stenger’s clients may be sued for damages in the event of an
FCRA violation.

7. FCRA violations are serious business.
 The FCRA permits the following in the event of a violation:
 Actual damages
 Punitive damages
 Pain and suffering

8. Data Furnishers and the FCRA
 Stenger & Stenger’s clients, as well as the original creditors in the event of
purchased debt, are all considered data furnishers.
 Which means that Resurgent, and Wells Fargo, are both considered data furnishers.
Stenger & Stenger does not currently report to bureaus, and therefore is not a data
furnisher. Equifax, for example, is a Consumer Reporting Agency (CRA), which receives
data from data furnishers.

9. Disputes and the FCRA
 Data furnishers are permitted 25 days to
respond to disputes once notified of such by a
CRA.