Addison, Texas (October 4, 2010)
Digital Matrix Systems, Inc., creator of innovative solutions that enhance credit-based decisions, announced plans for its products to support the new rules related to risk-based pricing disclosure legislation.
The Federal Trade Commission and Federal Reserve System have issued new regulations governing the Fair Credit Reporting Act. The final rules require creditors to provide risk-based pricing disclosures to consumers who received terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor, according to the FTC. The new law takes effect Jan. 1, 2011.
Certain score models returned from the credit bureaus will now contain additional information regarding the score. Equifax and TransUnion are returning the new fields in their respective score segments. Experian is returning similar information in the parallel profile segment.
DMS is adding support to CreditServer®, CreditToolkit™, CreditBrowser® and Information Server™. “Our clients rely on us for our operational insights when it comes to changes with credit bureaus,” said David McGough, president of DMS. “We will work closely with each to ensure a smooth transition.”
Clients have been encouraged to contact the credit bureaus to activate risk-based pricing information for their accounts or for more information. The enhancements will be available for testing through DMS beginning Nov. 1, 2010. A production implementation is scheduled for Dec. 1, 2010.
About Digital Matrix Systems, Inc.
DMS is a credit industry leader that helps clients make better informed business decisions by recognizing trends and delivering integrated products. Backed by more than 25 years of experience, DMS offers professional services and innovative products that fulfill credit industry needs. Through its consulting services, DMS works with each client to gain a true understanding of their business goals and then tailors a solution. For more information, visit www.dms.net.