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TransUnion has multiple income models for ability-to-pay

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CHICAGO (2/8/10)--With less than two weeks left before provisions of the Credit Card Accountability, Responsibility and Disclosures (CARD) Act go into effect, TransUnion reminds its clients that it offers two models--the Income Estimator and Debt-to-Income Estimator--to predict a consumer’s ability to pay as required under the act. The final rule states that card issuers may use empirically derived, demonstrably and statistically sound models that reasonably estimate a consumer’s income or assets to assess ability to pay. Reasonable policies and procedures to consider ability-to-pay include the ratio of debt obligations to income; the ratio of debt obligations to assets; or the income the consumer will have after paying debt obligations. The Income Estimator can help credit unions:
* Estimate income when it is not supplied by the consumer and validate consumer-supplied data and previously captured consumer income; * Reassess existing customer income and ability to pay in an account management environment; and * Segment the optimal populations for which consumer income or consumer proof of income should be requested.
The Debt-to-Income Estimator provides an estimate of the ratio of debt obligations to income and can be used to consider ability-to-pay, TransUnion said. Both models are available for batch and online delivery or as a credit report add-in. TransUnion is a provider of credit and information management headquartered in Chicago.

VolCorp launches merchant capture product

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NASHVILLE, Tenn. (2/8/10)--Volunteer Corporate CU (VolCorp) completed a successful beta testing of its merchant capture product with Collegedale (Tenn.) CU. The product, ezcapture, is a Web-based remote deposit solution available to member credit unions. Ezcapture--an alternative to branch capture--allows credit unions to review and approve merchant deposits prior to transmission to VolCorp and to have the ability to set deposit limits per item, deposit or daily total. Credit unions can use the tool with their business members, too. VolCorp is based in Nashville, Tenn.