Experian helping financial institutions comply with Military Lending Act

Experian recently launched a Military Lending Act (MLA) site to assist financial institutions wishing to provide lending services to active duty military members and their dependents and ensure that they operate in compliance with the new act.

The site explains concepts such as the difference between the MLA and the Servicemembers Civil Relief Act (SCRA) and the difference between accessing MLA status directly and indirectly.

Experian prepared for the Oct. 3 compliance deadline by working with federal agencies and banking industry organizations including the Department of Defense, the Financial Services Roundtable and the American Bankers Association. Experian will serve lenders and help maintain their compliance with the act by verifying military members at the point of origination. This will allow lenders to assess applicants considering their status under the MLA.

"The Military Lending Act provides added protections for the more than 4.5 million U.S. military members and families to assist their financial well-being," Experian Vice President of Credit Services Product Management Klaudette Christensen said. "Our strong compliance management coupled with our verification services, will help lenders comply with the new requirements."