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Credit API Supports Risk Based Pricing

MERit Credit Systems announces support for Risk Based Pricing disclosure notices with credit scores from Equifax, Experian and 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 following...

Model Name: FICO Classic V8 Score
360 - 850
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 consumer.

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.


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