MERit Releases Version 3.0 of Credit Engine
The MERit Credit Engine Version 3.0 includes the latest enhancements for exception handling, queue management, reliability, security, and administration.
FACT Act Support
Version 3.0 adds support for the changes that have been implemented by all three bureaus to comply with the Fair and Accurate Credit Transactions Act (FACTA). Now, software developers can easily determine the presence of Consumer Fraud Alerts, Military Active Duty Alerts, and address discrepancies. The updated merge logic accounts for FACT Act medical information suppression, and updated score model "reason code" handling supports the new FACT Act rule for the "too many inquiries" score factor.
OFAC Support (USA PATRIOT Act)
The MERit Credit Engine Version 3.0 provides the ability to use each bureaus' OFAC checking capabilities. OFAC "hits" are flagged for easy determination from the software interface.
Credit Freeze and Freeze Override Support
Detection of bureau-reported consumer credit freeze requests and support for freeze overrides, including a new flag by which software developers can determine the presence of a credit freeze for CA SB168 and similar state laws.
Canadian and Puerto Rico Support
Equifax North American Link (NAL) and TransUnion Canadian Region. Additional parsing and processing logic has been added to handle the special needs of names and addresses that appear in inquiries and reports for consumers in Puerto Rico.
New Bureau Products, Addons, and Score Models