Can your customers take on additional debt?
While the economy is rebounding, many consumers are still getting back on their feet financially. As a result, lenders feel increased pressure to make more prudent lending decisions.
Adding to the challenge, the Credit CARD Act of 2009 requires lenders to assess a borrower’s income, as well as to consider their debt-to-income ratio before extending credit or increasing line amounts.
To help lenders effectively manage credit risk and support compliance with the Credit CARD Act, Experian developed Debt-to-Income InsightSM, an all-in-one tool to determine a borrower’s capacity to take on additional debt. Having a comprehensive view of your customers’ debt-to-income ratio is valuable in all phases of the Customer Life Cycle — from prospecting to acquisitions and collections.
Using the predictive power of Income InsightSM, Experian’s market-leading income estimation model, plus Premier AttributesSM, lenders now can gain a more detailed understanding of their customers’ complete financial picture. As a result, lenders can focus on marketing to their most qualified borrowers and better controlling expenses due to defaults and collections.
As lenders’ needs keep changing, Experian continues to focus on developing products and services to address the unique requirements of the financial services industry.
For more information about Debt-to-Income Insight, call your Experian account executive at 1 888 414 1120. You also can visit our Ability to Pay Product Suite page at www.experian.com/abilitytopay and listen to our informative Webinar entitled Ability to pay: going beyond the Credit CARD Act.