ATLANTA (2/1/10)--Equifax Inc. announced it is offering a suite of “ability-to-pay” assessment tools to help credit card issuers comply with amendments to Regulation Z from the Credit Card Accountability, Responsibility and Disclosures Act, which go into effect Feb. 22. The Federal Reserve Board released its rules for compliance on Jan. 12. Equifax’s ability-to-pay solutions include verified and modeled personal and household income and wealth information, which was built using actual wealth and income data provided through Equifax’s IXI and TALX businesses. Equifax’s data sets can be distributed real-time online or batch-delivered offline to help issuers assess a consumer’s ability to pay. The assessments occur at multiple touch points throughout the customer life cycle, including: batch and instant prescreen, invitation to apply, new account underwriting and line management review. The Equifax solution suite includes:
* Actual, employer-provided income and Internal Revenue Service-provided 4506-T tax filings which are Fair Credit Reporting Act (FCRA) and Regulation Z compliant; and * Income estimation models that are empirically derived and statistically sound, FCRA compliant, and consistent with the new Regulation Z guidelines.
The Equifax ability-to-pay suite also features a view of a consumer’s assets and obligations and turnkey solutions to provide the debt-to-income and debt-to-assets ratios, and the residual income measures outlined by the new regulations.