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Michigan State University Federal Credit Union
Ability to Pay - Going Beyond The Credit CARD Act
Learn from Experian experts how determining a customer’s ability to pay has greater benefits than just regulatory compliance. View this webinar to find out how to improve your bottom line - from prospecting to acquisitions to collections.
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Income InsightSM and Income Insight W2SM
Efficient, Real-time Income Validation
Determine a customer’s ability to meet their financial obligations with a versatile, intuitive and easy-to-use tool. Income InsightSM and Income Insight W2SM are tri-bureau capable income estimation models built on bureau-exclusive predictors and verified income data. Because they are empirically derived and statistically sound, Income Insight and Income Insight W2 support lenders’ ability to comply with the Credit CARD Act of 2009. Both models use credit attributes, not demographic factors, in compliance with the Fair Credit Reporting Act and the Equal Credit Opportunity Act. Results are instant and may be provided online with a credit report or batched with other reports. No customer interaction is required.
Capture Your Customer's Complete Income Picture
Income Insight provides a comprehensive measurement of total income, including wages, rent, alimony and investments. This enhances your ability to assess a complete financial picture and improves decision-making by providing in-depth insight into a customer’s overall ability to pay.
Income Insight W2 estimates the wage income of a consumer which is especially applicable for low to mid-range income levels where income is comprised mostly of wages.
Features and Benefits
Having the right tools in place is critical to regulatory compliance, as well as to making profitable decisions in all phases of the customer lifecycle. Income Insight and Income Insight W2 can be deployed in a variety of ways and have multiple uses including:
- Assessing ability to pay - support compliance with the Credit CARD Act
- Loan Origination - use as a best practice for determining income capacity
- Prospecting - target customers within a specific income range
- Acquisitions - set line assignments for approved customers
- Account Management - assess repayment ability before approving line increases
- Collections - optimize valuation and recovery efforts
The Income Insight models and their companion tool, Debt-to-Income InsightSM provide a wide range of benefits including better fraud mitigation, stronger risk management and responsible provision of credit.
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