Experian has introduced a pair of products – Income Insight and Income View – that the company says will enable lenders to assess a consumer's income in alignment with new lending requirements.
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. The product complies with the Fair Credit Reporting Act and the Equal Credit Opportunity Act. Income Insight can be used to model debt-to-income ratios as well as to segment defaulted borrowers, helping servicers to maximize collection processes, the company says.
Income View is a Web-based tax verification service that provides clients with IRS 4506-T processing and prompt access to applicants' verified income via the Internal Revenue Service (IRS). Experian says the product can securely deliver IRS transcripts within 24 to 48 hours. The tool also identifies potential fraud through discrepancies in stated income, Social Security number, filing status, name or address.
"Our new "ability to pay' products are an important part of this continuously changing picture," says Steven Wagner, president of Experian Consumer Information Services. "The capability to accurately estimate or verify a borrower's income provides a key insight into that consumer's ability to repay a loan."