COSTA MESA, Calif.,
Oct. 1, 2016 /PRNewswire/ -- As
the compliance date for the Military Lending Act nears, Experian
has launched a dedicated Military Lending Act site to help
financial institutions meet those new regulations. The updates made
last year create new requirements that lenders must address when
lending to active duty service members and their dependents.
To help prepare for the implementation of the updates, Experian
has worked closely with several federal agencies and banking
industry organizations including the Department of Defense,
Financial Services Roundtable and the American Bankers Association.
Leading the way in providing compliant solutions for our lenders
and the credit needs of our active military, Experian can instantly
verify military members at the point of origination so lenders know
whether an applicant is covered by the Military Lending Act.
"The Military Lending Act provides added protections for the
more than 4.5 million U.S. military members and families to assist
their financial well-being," said Klaudette Christensen, vice
president of credit services product management at Experian. "Our
strong compliance management coupled with our verification
services, will help lenders comply with the new
requirements."
The Military Lending Act site provides answers for financial
institutions that have questions on how to serve this audience
while adhering to laws. Some of the frequent questions include:
- What is the difference between the Servicemembers Civil Relief
Act (SCRA) and the Military Lending Act (MLA)?
- Will Experian offer a "covered borrower status" on the
report?
- Explain the difference between accessing Military Lending Act
status directly versus indirectly.
- Will you return the Military Lending Act indicator if the
credit report cannot be provided?
Moving forward, additional rules for credit card accounts will
be required with a scheduled deadline of October 3, 2017. Experian will be working
diligently to help our clients adhere to these requirements as
well. Read stories from our own veterans sharing their financial
lessons and perils of military life.
About Experian
We are the leading global information services company, providing
data and analytical tools to our clients around the world. We help
businesses to manage credit risk, prevent fraud, target marketing
offers and automate decision-making. We also help people to check
their credit report and credit score and protect against identity
theft. In 2016, for the third year running, we were named one of
the "World's Most Innovative Companies" by Forbes
magazine.
We employ approximately 17,000 people in 37 countries and our
corporate headquarters are in Dublin,
Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and
is a constituent of the FTSE 100 index. Total revenue for the year
ended March 31, 2016, was
US$4.6 billion.
To find out more about our company, please
visit http://www.experianplc.com or watch our
documentary, "Inside Experian."
Experian is a nonexclusive full-service provider licensee of
the United States Postal Service®. The following
trademarks are owned by the United States Postal
Service®: ZIP and ZIP Code. The price for Experian's
services is not established, controlled or approved by the United
States Postal Service.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc. Other
product and company names mentioned herein are the property of
their respective owners.
Contact:
Matt
Tatham
Experian Public Relations
1 917 446 7227
matt.tatham@experian.com
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SOURCE Experian