New Credit Focus on Income
Starting in February 2010, the credit bureaus will begin focusing an increasing amount of attention on our incomes or predicted incomes to help determine credit-worthiness.

As part of the Fed's 2009 Credit Card Act, starting February 2010, credit card companies are required to determine an applicant's ability to handle the debt of any new credit card before issuing the card. In response to this, the credit agencies are looking to methods to predict our incomes.

You'll notice credit card applications beginning to ask about amount of house or rent payments and bank account balances. You also may be asked to sign a Federal Tax form 4506-T which allows the lender to request copies of previous year's tax returns.

What this means to you:
1. Ensure you review your credit reports at least once/year for accuracy
2. Complete the 4506-T accurately if asked to do so (i.e., ensure the correct year or years are filled in)
3. Not only are your credit bills now important for determining your credit but other bills will take on increasing roles such as utility bills

References:
MSN: http://bit.ly/Predicted-Income-Credit-Score
Wikipedia: http://bit.ly/FICO-US