More Compliant Mortgage Loans
Amendment to Regulation Z: Ability to Repay
Based on section 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), the rule requires businesses to implement a written Identity Theft Prevention Program to detect the warning signs—or red flags— of identity theft in their day-to-day operations. Increased scrutiny by the CFPB and ongoing audits and examinations have caused customers to re-evaluate their processes to better ensure they can prove compliance. Equifax provides off-the-shelf soltuions that help facilitate compliance with the Red Flags Rule and can help ease examinations and audits by automatically verifying, validating, and helping resolve identity discrepancies.