Experian PLC this week unveiled an income model to help lenders comply with the new Federal Reserve Board rule clarifying elements of the Credit Card Accountability, Responsibility and Disclosure Act. The new rule requires issuers to consider only credit card applicants’ individual, not household, incomes (
Income Insight W2 joins Income Insight as two products Experian now offers to support various regulatory obligations and the overall underwriting and risk assessment process, according to a company news release.
“Both of our models estimate an individual’s income based on an individual’s credit report,” says Brannan Johnston, vice president of income and assets at Experian. “Income Insight W2 estimates wages, while Income Insight estimates total income, including wages, investments, rentals and other income.”
Experian developed both Income Insight and Income Insight W2 from a database of verified income and built on proprietary credit attributes.
