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Preparing for the Risk-Based Pricing Rule — How will you comply?
The Jan. 1, 2011, deadline to comply with the Risk-Based Pricing Rule is quickly approaching. There are several methods companies can implement to comply with the regulations, but how do you determine which ones will be most effective for your organization?

On Aug. 24, Experian held an informative Webinar, The Risk-Based Pricing Rule — Winning strategies for compliance. An impressive 1,149 individuals registered to participate in the event. Clearly, risk-based pricing is a topic that is important to our clients. During the Webinar, attendees asked some very compelling questions addressing the new legislation. To see how our experts addressed these questions, click here.

While compliance is important, the new rule also presents several opportunities to increase sales as well as to improve customer loyalty and satisfaction. Consumers will want to understand more about their options when they receive the Risk-Based Pricing Notice and/or the Credit Score Disclosure Exception Notice.

How prepared are you to answer consumers’ questions? Have you thought about how you can enhance sales or customer loyalty with the increased volume of consumer inquiries? Now is the time to take a closer look at your underwriting process and risk-based pricing strategy to better understand how the Risk-Based Pricing Rule will affect your organization’s resources. Compliance is critical, but the winning institutions will be those that seize this opportunity and go beyond just executing on compliance requirements.

For more information on the Risk-Based Pricing Rule and how to structure a successful compliance program, visit Experian’s Risk-Based Pricing Website.



 

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