Kroll Factual Data launches Risk-Based Pricing Compliance Service
New capabilities, including automatically generated letters, mail fulfillment, and reports to track compliance, save users time and effort
Loveland, Colo. – Kroll Factual Data, a trusted provider of independent verification solutions, today announced a new service to help clients save time and efficiently comply with the Fair Credit Reporting Risk-Based Pricing Regulations that take effect Jan. 1, 2011. 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.
"We have been paying close attention as this new regulation was being created, and working to educate our customers about their need to respond," said Dennis Littlejohn, chief operations officer, Kroll Factual Data. "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."
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.
For users who access Kroll Factual Data's services directly through the internet, pre-formatted notices are available directly from each credit report. For those who access services via a system integration, three options are available, depending on the system, including: notices appended to the credit report; inclusion of customer score rank, score model percentile data and the disclosure as a Portable Document Format (PDF); or as a Hypertext Markup Language (HTML).
The optional mail fulfillment service relieves clients' operational staff of the burden of printing and mailing letters to applicants. Monthly management reports included with this service provide standardized, ongoing documentation to easily demonstrate compliance in response to an audit.
More information, including answers to frequently asked questions, is available at http://www.krollfactualdata.com/risk-based-pricing.
For more information on the Fair Credit Reporting Risk-Based Pricing Regulations, visit http://edocket.access.gpo.gov/2010/pdf/E9-30678.pdf.
This service can be set up now, for use starting January 1. Management reports provided as part of the mail fulfillment service will be available in early February. Existing Kroll Factual Data customers can take advantage of this new service completing the setup form found at http://www.krollfactualdata.com/RBP, or by contacting the company's Account Services group at 800-929-3400 ext. 444, or sales@krollfactualdata.com.
For more information on this or any of Kroll Factual Data's other services, call 800-929-3400, or visit the company's website at www.krollfactualdata.com.
About Kroll Factual Data
Kroll Factual Data is a trusted provider of independent verification services to mortgage lenders and investors, banks, credit unions, insurers, property management firms, regulatory and government agencies and other businesses. For more than 25 years, Kroll Factual Data has helped clients confidently make prompt, accurate decisions that mitigate risk, enhance safety and soundness, and increase profitability. By aggregating and analyzing information, Kroll Factual Data helps its customers protect financial assets and comply with regulations.
Kroll Factual Data is part of the Altegrity family of businesses. Altegrity is a leading global information services company with 11,000 employees in 30 countries united by a common mission to help government and commercial clients by uncovering, reviewing, analyzing and delivering information. For more information, visit www.krollfactualdata.com.
Media Contact:
Bob Arrington, Senior Vice President
800-929-3400 ext. 293
barrington@krollfactualdata.com