TransUnion Offers Two Options to Help Industry Meet Risk-Based Pricing Requirements
CHICAGO, IL--(Marketwire - June 29, 2010) - To help the financial community comply with the new Risk-Based Pricing Rule issued under the FACT Act, TransUnion announced today that it will be making two solutions available for lenders. First, TransUnion will offer both score distribution graphs and score interval tables to its customers to assist them in generating exception notices. Second, TransUnion is creating a score percentile ranking attribute available as an add-on to the credit report. This will enable financial institutions to produce the exception notices allowed under the Rule without the added time and expense of maintaining multiple score interval tables. These options fully support the model form exception notices in the Rule.
"Over the past couple of months, TransUnion has been aggressively working on multiple fronts -- with the industry, our partners and our customers -- to meet the needs of the marketplace when it came to the Risk-Based Pricing Rule," said Steve Sassaman, executive vice president of TransUnion financial services business unit. "Deeply understanding the constraints of IT environments everywhere and the compressed timeline, it was important that TransUnion develop a solution to help lenders deliver the notices with minimal IT programming on their part. Through a graphic representation or individualized percentile ranking that can be used to populate the statement, TransUnion is providing financial institutions with options to best meet their IT infrastructure and development needs."
With a compliance deadline of January 1, 2011, the Risk-Based Pricing Rule will require lenders to notify consumers who have been approved for credit under less favorable terms than other consumers, based on the use of a credit report. The TransUnion Risk-Based Pricing solutions will offer the score percentile ranking option on numerous market-leading scoring models.
For more information about the TransUnion Risk-Based Pricing solutions, contact Tammy Mitchell at tammy.mitchell@transunion.com.
About TransUnion
As a global leader in credit information and information management services, TransUnion creates economic and competitive advantages for businesses and consumers. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive solutions that leverage data, advanced analytics and decisioning technology. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs associates in more than 25 countries on five continents. www.transunion.com/business.
Graphics and/or photographs to accompany this release can be obtained by members of the media by contacting Cliff O'Neal (coneal@transunion.com) at 312-985-2540 or Dave Blumberg (dblumbe@transunion.com) at 312-985-3059.
