Kroll Factual Data, a trusted provider of independent verification solutions, has announced a new service to help clients save time and efficiently comply with the Fair Credit Reporting Risk-Based Pricing Regulations that take effect Jan. 1, 2011. Customers can now take advantage of the ability to automatically generate Risk-Based Pricing Notices with each credit report request at no charge and an optional automated fulfillment service to print and mail notices to applicants for a nominal fee.
“We have been paying close attention as this new regulation was being created, and working to educate our customers about their need to respond,” said Dennis Littlejohn, chief operations officer of Kroll Factual Data. “Once the scope of the Fair Credit Reporting Risk-Based Pricing Regulations was clearly defined, we created this convenient way for our users to meet the new obligations it created for them.”
Depending on each user’s Risk-Based Pricing policy, they can select any of the five pre-formatted letters available. Letters automatically populate with information specific to the type of notice and transaction. For transactions with more than one applicant, multiple applicant-specific letters are generated, as required by the regulations.
For users who access Kroll Factual Data’s services directly through the internet, pre-formatted notices are available directly from each credit report. For those who access services via a system integration, three options are available, depending on the system, including: notices appended to the credit report; inclusion of customer score rank, score model percentile data and the disclosure as a Portable Document Format (PDF); or as a Hypertext Markup Language (HTML).
The optional mail fulfillment service relieves clients’ operational staff of the burden of printing and mailing letters to applicants. Monthly management reports included with this service provide standardized, ongoing documentation to easily demonstrate compliance in response to an audit.
For more information, visit www.krollfactualdata.com.
