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Experian launches products to assist lenders in determining a consumers' "ability to pay"

NationalMortgageProfessional.com
Nov 12, 2009

Experian, a global information services company, has announced its suite of leading “ability to pay” products—Income Insight and Income View—designed to be the definitive source for determining consumers’ ability to pay. Income Insight is a unique product designed to support recent legislation by providing an estimate of a borrower’s individual income utilizing verified income data and proprietary credit bureau attributes. Income View is a Web-based tax verification service that provides clients with reliable IRS 4506-T processing and prompt access to applicants’ verified income via the Internal Revenue Service (IRS). These products are ideal for a variety of clients in the financial community, including retail and bank credit card issuers and mortgage lenders and brokers. “With a number of new or proposed lending regulations, there is an increasing emphasis being placed on more diligent and more informed lending,” said Steven Wagner, president of Experian consumer information services. “Our new ‘ability to pay’ products are an important part of this continuously changing picture. The capability to accurately estimate or verify a borrower’s income provides a key insight into that consumer’s ability to repay a loan.” Key benefits of Income Insight include: ► Supports lenders’ ability to comply with recent legislation ► Can assist lenders with responsible provision of credit through considering borrowers’ ability to pay ► Complies with the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA) ► Targets customers while considering the complete financial picture ► Improves risk-management efforts by including modeled debt-to-income ratios ► Accurately segments defaulted borrowers to maximize collection processes ► Provides streamlined results online or in batch Key benefits of Income View include: ► Income tax return summaries and detailed transcripts for individuals and businesses, including IRS 1040, W-2, 1099 and 1065 ► Secure delivery of IRS transcripts within 24 to 48 hours ► Identification of potential fraud through discrepancies in stated income, Social Security number, filing status, name or address ► No rush fees “With the changing underwriting and lending environment, Experian is committed to providing best-in-class products for our clients to assess creditworthiness, credit capacity and stability,” added Wagner. “This suite of products answers a critical market need at a time when consumers and the lending industry need discerning information and accurate decisions.” For more information, visit www.experianplc.com.
Published
Nov 12, 2009
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