Credit API Supports Risk Based Pricing
MERit Credit Systems announces support for Risk Based Pricing disclosure
notices with credit scores from Equifax,
TransUnion via its
Merit Credit Engine software. The MCE software provides an application program
interface for developers wanting to integrate credit reports, credit scores, and
automated decisions into custom applications. Each repository sends the risk
based pricing information a different way, but the Merit API simplifies
programming by putting the information in the same place, regardless of source,
with easy access via SQL queries.
Beginning January 1, 2011, Risk Based Pricing disclosures are required
as a result of a federal mandate. One method of compliance involves a CSDEN
(Credit Score Disclosure Exception Notice.) The Merit Credit Engine passes the
information that can be used by programmers to construct a notice similar to the
|Model Name: FICO Classic
Your Score: 722
Your credit score ranks higher than 52
percent of U.S. consumers.
The Merit Credit Engine includes similar text in its human-readable
credit reports, but since lenders don't normally show credit reports to the
consumer, it is expected that most loan application developers will simply query
the MCE database for the relevant values (model ID; score; percentile; minimum;
maximum; and model name) to prepare a separate CSDEN for presentation to the
More detailed information is provided in the December 2010 issue of the Merit
Mentor newsletter. Interested parties may request a copy by calling Merit
Credit Systems sales at (800)717-5170.
Product and company names mentioned herein are the property of their respective owners.
You must have account(s) and valid log-in credentials with whichever credit reporting agencies
you intend to access with the Merit Credit Engine software. Merit Credit Systems is a software
provider only, is not affiliated with any credit bureau, and does not act as a provider,
pass-through, or reseller of consumer credit reports.