What’s a Consumer Report?

The Fair Credit Reporting Act (FCRA) is concerned with a consumer’s rights in relation to their credit report and sets forth requirements for both the credit reporting agencies as well as the businesses that provide information to them.

It’s not uncommon for lenders to believe that if they order a consumer report in connection with a business purpose/commercial transaction, the consumer to which that report belongs is not a consumer for the purpose of that transaction. That’s a huge misconception!

Jerod explains more in the video.


Ready to learn more? JOIN US for our webinar, “FCRA / FACT Act.” Featured topics include:

  • Obtaining Credit Reports & Permissible Use
  • FCRA Adverse Action Notice Requirements
  • Identity Theft Prevention Programs & Red Flags
  • Credit Score Disclosures & Risk-Based Pricing Notices
  • Providing Notices of Negative Information
  • Direct Disputes & Investigations
  • Fraud Alert Responsibilities
  • Identifying & Correcting Address Discrepancies
  • Affiliate Marketing Opt-Out Requirements

Training Library!


Diane Dean

Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!

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