FRS Introduces Next Generation Adverse Action Technology
Streamlining the adverse action process in order to reduce risk and legal liability, is no longer just a topic of concern for HR professionals, it is the most widely discussed risk area that HR is currently facing.
FRS today introduced AdverseActTM, a powerful, integrated solution for both Consumer Reporting Agencies (CRAs) and HR Professionals to help automate and address each of their Adverse Action Letter reporting and notification requirements. With many carefully-designed features and built-in flexibility, AdverseActTM was created to help meet FCRA reporting compliance regulations and automate most of the adverse action notification requirements. AdverseActTM allows for the generation of “Pre-Adverse Action Disclosure” and “Notice of Adverse Action” letters and can be customized to meet the unique requirements of each client. It includes total tracking capabilities, along with reporting and billing functionality, as well.
“Our industry has long awaited an answer to assist in significantly reducing the risks associated with governing body compliance such as that mandated by the newly appointed Consumer Financial Protection Bureau CFPB. With AdverseActTM, we have focused intently on today’s guidance which we believe virtually eliminates the risks associated with non-compliance related to Adverse Action requirements,” said Sam McLamb, Vice President of Business Operations.
Letter content for both the Pre-Adverse and Adverse Action Letters can easily be created, formatted, edited and modified at any time. After modifying and saving the Action Letter text, a user may revert back to the FRS-supplied sample letter by clicking a Reset button. Initially, a version of the FCRA Summary of Rights document has been provided and this document may be removed and replaced with a newer version when required. Up to five additional documents may be included that will be printed along with the letter when it is generated. CRAs also have access to the LegalZoom.com's Adverse Action Letter Guidelines for their review. They also have the ability to upload logo graphics and return address information for any of their clients’ Adverse Action Letter Report Headings as needed.
Key compliance features include the following:
Ability to set the Number of Business Days after the Pre-Adverse Action Letter should be generated per client
Quick-Add Buttons, Color-coding and a Checkbox allow CRA users to visually identify when adverse action letters have been assigned to a subject and if a letter has been generated
Batch Letter Generation – Adverse Action Letters can be generated in batch mode per their assignment or generated individually per applicant.
Client Self-Service Adverse Action Letters - CRAs may allow Pre-Adverse and Adverse Action Letters to be requested and/or generated at the web by any or all of their clients.
Adverse Action Letters Tracking Reports and Adverse Action Dispute Reports are provided as well for full compliance tracking.
Extensive Audit Tracking Capabilities are also available.
“With multi-million dollar lawsuits grabbing the headlines every day regarding failure to comply with regulations surrounding pre-adverse and adverse notifications, FRS AdverseActTM will bring much-needed peace of mind and risk mitigation for both CRAs and HR Professionals,” commented Phil Chapman, President of FRS.
As the background screening industry's most widely used technology, FRS offers our B2B clients a foundation of rock solid background screening solutions that allow them to attract and maintain top customers who demand accuracy and speed when screening individuals. The FRS suite of technology solutions has been expertly crafted over almost two decades to assist the users of FRS as they cater to their clients whether they are screening prospective employees, current employees, contractors, students or volunteers. FRS offers a comprehensive suite of flexible products and services for consumer reporting agencies (CRA), criminal research specialists (CRS) and provides the proven network that pulls all of the pieces together for their clients, the HR professionals. FRS is Powerful, is Proven and is the Preferred technology solution of the background screening industry. For more information, visit our website at www.frssoftware.com.