Kroll Factual Data, based in Loveland, Colo., has introduced a new service designed to help its clients handle the Fair Credit Reporting Risk-Based Pricing Regulations that take effect Jan. 1.
According to the company, customers can now take advantage of the ability to automatically generate risk-based pricing notices with each credit report request at no charge and an optional automated fulfillment service to print and mail notices to applicants for a nominal fee. Depending on each user's risk-based pricing policy, they can select any of the five pre-formatted letters available. Letters automatically populate with information specific to the type of notice and transaction. For transactions with more than one applicant, multiple applicant-specific letters are generated, as required by the regulations.
‘We have been paying close attention as this new regulation was being created and working to educate our customers about their need to respond,’ says Dennis Littlejohn, chief operations officer. ‘Once the scope of the Fair Credit Reporting Risk-Based Pricing Regulations was clearly defined, we created this convenient way for our users to meet the new obligations it created for them.’
SOURCE: Kroll Factual Data