Industry vendor Kroll Factual Data, Loveland, Colo., said it has started a new technology-based service aimed at helping clients comply with fair credit reporting risk-based pricing regulations that take effect Jan. 1, 2011.
Kroll said the service allows users, depending on their respective risk-based pricing policies, to select any of five pre-formatted letters. The technology automatically populates those letters with information specific to the type of notice and transaction.
The automation also can be used to handle transactions with more than one applicant by generating multiple letters to ensure there is one for each applicant as required by the regulations.
The company said that users who access its services directly through the Internet can get pre-formatted notices from each credit report.
Those who access the service through system integration may have, depending on the system, options that include notices appended to the credit report, inclusion of customer score rank, score model percentile data and the disclosure as PDF or in HTML form.
There also is optional mail fulfillment and monthly management reports that provide standardized, ongoing documentation of compliance that could be used in response to an audit.
