Military Lending Act
Obtain a military covered borrower status indicator
Equifax MLA solutions return an applicant’s military status, giving customers valuable insights to help determine which credit terms to offer and enabling them to qualify for “safe harbor” protection under the MLA Final Rule.
Benefits
Helps Ensure Safe Harbor Compliance With MLA
The MLA Final Rule grants “safe harbor” to lenders if MLA covered borrower status is obtained before origination or closing.
Saves Time
Provides an efficient option for performing required status checks prior to a loan origination or closing.
Optimizes Resources
MLA status checks can be obtained in the same request as an applicant’s consumer credit report, or as a standalone request without a consumer credit report instead of performing checks internally.
Key Features
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Verifies military status of borrowers-
Retrieves status checks in the same request as an applicant’s consumer credit report, or as a standalone request without a consumer credit report
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Helps lenders qualify for “safe harbor” protection under MLA Final Rule
Use Cases
MLA is for business customers who need to:
- Verify a consumer’s military status as part of the credit application process.
- Make prompt, informed decisions at the credit application stage.
Types of business and industries that use MLA include:
- Banks / Credit Unions / Mortgage
- Retail
- Automotive
- Pawnbrokers
