Mortgagebot LLC, a Mequon, Wis.-based provider of consumer-direct mortgage-application technology solutions, is now offering its bank and credit-union clients Experian Fraud and Identity Solutions' Authentication Services Level Three, a toolset designed to efficiently verify and authenticate a borrower's identity.
Experian's Authentication Services is a server-based application set that helps mortgage lenders detect and prevent fraud by verifying a consumer's identity on multiple levels, Mortgagebot explains. The first level compares consumer data against Experian's consumer identity databases of more than 200 million consumers, 150 million households and 25 million businesses.
The second level is an enhanced verification service that accesses both identity databases and Experian's File One consumer credit database of more than 200 million credit-active consumers. The third level also incorporates up to eight challenge-response questions that only the true borrower would be able to correctly answer.
Source: MortgageBot