Equifax, a global information solutions powerhouse, announced that it is ready to assist banks with the new Military Lending Act requirements. Beginning Oct. 3, 2016, creditors will be required to verify whether a consumer is a covered borrower before originating or closing certain credit products and retain the record for five years. The Equifax MLA solution helps lenders by providing an indicator of covered borrower status either in a separate segment delivered with a consumer credit report, or in standalone format without a credit report.

"Equifax stands committed to helping the lending community with the new MLA covered borrower verification requirements," said Robbie Purser, Director of Government Relations at Equifax. "By leveraging our powerful data delivery solutions, we are ready to help lenders meet the new MLA requirements without disruption to the origination process."

For lenders, performing these status checks internally can take time and drain resources because it involves pausing the origination process, manually entering applicant information on the Department of Defense's Defense Manpower Data Center website, and waiting for the results. Equifax can provide lenders with an easier, integrated option with minimum data input needed. Lenders can request the status check at the same time as requesting an applicant's consumer credit report, or enter a standalone request, enabling the process to become more fluid and efficient.

"Equifax will continue working closely with the Department of Defense to maximize efficiencies for lenders and active duty consumers," said Purser. "Providing efficient solutions to lenders that benefit consumers is a sweet spot for us and we're proud to equip banks and creditors with the tools necessary to hit the ground running before the Oct. 3 deadline."