| Experian Reports Ability To Pay Bills |
| By Credit Federal |
Published
11/12/2009
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Credit Report
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Good Credit or Bad Credit, Now You Can Be Denied For Credit Just For Appearing To Be Unable To Repay
You already know that if you have bad credit (or no credit), that it's more likely you'll be rejected for a credit card or an unsecured loan. But what about how you appear? Now you can be denied approval just for appearing to be unable to repay.
Experian launches new products that help lenders determine which borrowers have the ability to pay (or repay).
Income InsightSM and Income ViewSM enable lenders to assess whether a borrower's income is compatible with new government lending regulations pushed by democrats.
What does this mean for the average person? Due to credit industry regulations pushed by democrats, many bad credit people; and people with no credit history, may no longer be able to get credit approval under any terms. Whereas they could once get credit at a higher rate, now they may be rejected entirely for credit.
Experian®'s Income InsightSM and Income ViewSM are designed to be the definitive source for determining consumers' ability to pay. Income Insight is 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).
Why is this considered a necessary tool? Democrats blame lenders for the credit crisis and are forcing controls on them, though it was government regulations that forced lending to bad credit people. So, since lenders are being blamed and are held to strict regulations, they are forced to take measures to protect against loss by defaults.
Steven Wagner, president of Experian Consumer Information Services, says: "With a number of new or proposed lending regulations, there is an increasing emphasis being placed on more diligent and more informed lending. 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
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