FactorTrust, the alternative credit bureau, announces a partnership with Equifax to provide its customers with an improved view of consumers’ ability to repay. The collaboration blends data from the fastest-growing alternative credit bureau with traditional credit data from the nation’s largest credit reporting agency. As a result, lenders will have access to the comprehensive credit profiles needed to assess an underbanked consumer’s residual income and comply with forthcoming regulations regarding a consumer’s ability to repay personal loans.

FactorTrust’s Ability to Repay product, LendProtect ATR, provides lenders, such as installment and consumer goods financing companies, with a robust solution which accelerates their ability to add the information and tools needed to meet the CFPB’s anticipated ATR underwriting requirements. The flexible platform simplifies integration of core data sets such as existing credit obligations from FactorTrust and Equifax with validated income and living expense data to calculate residual income, a key component of the CFPB’s proposed rulemaking. In addition, the platform helps lenders to manage compliance, reporting and maintain data on underwriting decisions.

“We are committed to continually improving our solutions with quality data that helps our customers. Our partnership with Equifax not only benefits lenders, but also borrowers,” says Greg Rable, FactorTrust CEO. “It’s important that everyone have access to financial services when needed, and it is important for lenders to make the most informed decisions possible when offering loans to consumers.

LendProtect ATR will include new predictive data attributes and scores. These components will capture borrowing capacity, debt-to-income ratio and other measures related to a consumer’s ability to repay in order to enable improved credit risk management. Lenders will now have more insight into a consumer’s credit history, enabling the lender to offer smart, profitable lending solutions with confidence.