Reporting Resident Rent Payment History

Lorman Education Services Audio Conference

08/23/2011 01:00 p.m. - 02:30 p.m.

Banking + Financial Services and Financial Institutions + Financial Services

Speaking Engagement

Christie Adams
(212) 336-4024

Reporting rental payment information to a credit bureau can be a powerful tool to manage risk, to enforce tenants’ payment obligations, and also to help responsible tenants build a credit history. New credit bureaus are springing up to serve the rental market, and many of the most sophisticated landlords are beginning to take advantage of the benefits that regularly reporting rental payment can provide. But landlords that report payment data to credit bureaus must comply with the technical and complex requirements of the Fair Credit Reporting Act (“FCRA”). In addition, the Federal Trade Commission (“FTC”) and other regulators have been actively enforcing the FCRA against landlords. The FCRA also allows private plaintiffs to sue for statutory as well as punitive damages, and the plaintiffs’ bar has been active.

In this live audio conference Andrew M. Smith, of Morrison & Foerster LLP, will walk through the various requirements of companies that report, or “furnish,” data to credit bureaus, including complex new FTC rules requiring the maintenance of written policies for data furnishing and requiring that data furnishers investigate disputes received from consumers. In addition, he will examine the history and purpose of the FCRA, explain the credit reporting industry generally, and discuss the FCRA enforcement scheme, important carve-outs to furnisher liability, and important new enforcement trends.


Fair Credit Reporting Act

Benefits of Furnishing Rent Payment Information to Credit Bureaus
History and Purposes of the Fair Credit Reporting Act
The Credit Reporting Industry and Credit Bureaus
Requirements of Credit Bureaus Generally, and How Those Requirements Affect Companies That Report Data
Obligations of 'Data Furnishers'

Duty to Furnish Accurate Data and to Update Data
Duty to Maintain Written Procedures to Ensure Accuracy
Duty to Investigate Disputes Received From Consumers
Duty to Investigate Disputes Received From Credit Bureaus
Requirements to Furnish (Or Not Furnish) Specific Information
What to Do in Response to Address Discrepancy Indicators
Furnisher Duties That Should Not Apply to Landlords
Fair Credit Reporting Act Liability and Enforcement

Enforcement Scheme: Frequently No Private Liability for Data Furnishers
FTC, Consumer Financial Protection Bureau, and State Attorneys General
Private Lawsuits and Class Actions
Willful Violations, Negligent Violations and Why the Difference Matters
Enforcement Trends and New Case Law

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