Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Equifax offers ability to pay tools for Reg Z
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.


RSS print
News Now LiveWire
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
10 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
11 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
12 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
13 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
14 hours ago