Will the Credit Bureaus be Estimating your Income?

Now that the new Credit Card Rules are in place the credit card grantor’s are beginning to allow new issuance of credit cards based on income and debt ratio. Since this is a new demand by the law the credit card companies need access to consumers income information. The credit reporting agencies see a new way to provide info for credit grantor’s and earn more profits. They are creating a new tool that will supply the issuers with a guesstimate of income. This guess comes from consumers mortgage payments, auto loans, student loans, and any other facts they can draw based on their analysis of credit profiles. This may not be enough in many cases for creditors. We should not be surprised to find some credit card companies asking for tax returns or other proof of income when enough info cannot be obtained by the reporting agencies.



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