Precise ID

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Precise ID Integrates fraud detection, validation, verification and authentication into a single process.  Using an aggregated score based on the Fair Credit Reporting Act (FCRA) to predict identity and first party fraud risk, this tool allows quick responses in a variety of lending situations.

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How It Works

Precise ID generates a borrower identity summary that can be offered independently, or included directly in the credit report, making the credit report an all-in-one risk evaluation tool for lenders and brokers.  Precise ID also offers an Experian-based at-a-glance identity validation score: the higher the score, the lower the risk that thethis borrower isn’t who they say they are.

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Precise ID includes five key sections in evaluating identity risk: an Applicant Information section, a Fraud Guard section that includes the risk score, an ID Validation section for SSN background information, an OFAC Compliance section, and an Information Sources section discussing the purpose and liability information.

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Benefits

• Provides lenders with a Fraud Identify solution at a reasonable price

• Provides a risk score to assist lenders with identifying high risk borrowers

• Quick way to hit all of the watch lists

• Helps with being compliant with Red Flag Rules

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