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Experian PLC today announced two new tools to help lenders better assess prospective borrowers' ability to repay loans in response to marketplace changes. The Ireland company's Costa Mesa, Calif.-based division launched Income Insight, a service that estimates a prospective borrower's verified income and credit score. Income Insight provides a clearer view of a prospective borrower's total financial situation, including existing debt-to-income ratios, compared with previous Experian modules. Experian also launched Income View, which the company says provides secure delivery of prospective borrowers' income tax return summaries within two days of a lender's query. The tool, which mortgage lenders have relied on heavily for years, helps to eliminate fraud in credit card applications by flagging discrepancies in stated income, Social Security number, filing status, name or address, Experian says. The company says it designed both tools to help card issuers further refine their risk-management strategies based on the changing economy and the requirements of the Credit Card Accountability, Responsibility and Disclosure Act. "Card issuers are looking for a broad means to assess income and assets in conjunction with prospective borrowers' existing payment obligations," Eric Haller, Experian vice president of marketing, tells CardLine.
