CU*Answers, Zoot, and the Military Lending Act (MLA)

As we’ve previously reported, we are working closely with Zoot in regards to MLA in order to develop the specifications that will ultimately lead to displaying an active military status on credit reports in CU*BASE GOLD.  In a recent meeting between CU*Answers and Zoot staff, we learned from Zoot that our clients should be contacting credit bureaus to determine what will be required in order to be allowed to receive this information.

It is anticipated that there will be an additional agreement between the credit union and the bureaus, potentially an additional cost, and may even require credit unions to update subscriber codes on GOLD used to pull reports.   While there are some steps your credit union will need to take, it is important to understand that CU*Answers will be doing the testing directly with the bureaus through Zoot; no testing will be required on your end.  However, be sure to add to your task list that you will need to be prepared to execute the new agreement and supply CU*Answers with the new subscriber codes if any have changed.

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