Experian Introduces Products That Assist Lenders in Determining Consumers' "Ability to Pay"

Experian Introduces Products That Assist Lenders in Determining Consumers' "Ability to Pay"

Income InsightSM and Income ViewSMenable lenders to assess a consumer’s income in alignment with new lending requirements

Costa Mesa, Calif., Nov. 12, 2009 — Experian®, the leading global information services company, today announced its suite of leading “ability to pay” products — Income InsightSM and Income ViewSM — designed to be the definitive source for determining consumers’ ability to pay. Income Insight is a unique product 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). These products are ideal for a variety of clients in the financial community, including retail and bank credit card issuers and mortgage lenders and brokers.  

“With a number of new or proposed lending regulations, there is an increasing emphasis being placed on more diligent and more informed lending,” said Steven Wagner, president of Experian Consumer Information Services. “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

“With the changing underwriting and lending environment, Experian is committed to providing best-in-class products for our clients to assess creditworthiness, credit capacity and stability,” added Wagner. “This suite of products answers a critical market need at a time when consumers and the lending industry need discerning information and accurate decisions.” 

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2009, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc.

Other product and company names mentioned herein may be the trademarks of their respective owners.

Kristine Snyder
Experian Public Relations
1 714 830 5192 Telephone
kristine.snyder@experian.com Email

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