Informative Research, a California-based provider of mortgage credit products, has introduced ID Verify Plus, a report that combines data verification from three sources.
The report checks Social Security numbers (SSNs) directly against the Social Security Administration's database (requiring consent from the applicant), the Office of Foreign Asset Control's database and credit repository databases to verify and track the usage and issuance of the SSN.
Informative Research notes that ID Verify Plus can be leveraged in fraud detection, prevention or mitigation efforts to meet the Fair and Accurate Credit Transactions Act Red Flags compliance requirements.Â Â
"With application fraud accounting for 61% of mortgage fraud incidents in 2008, the focus on verified data is increasing," says Brad Kelso, vice president of marketing for the firm.
"We have redoubled our efforts to verify as much of the application data as possible, and that includes Social Security numbers," he says, adding that verification can be provided within hours.
A sample of the new report can be viewed on Informative Research's Web site.
SOURCE: Informative Research