Identity Verification: Protection Shield

Identity Verification for Consumer Lending Applications

How To

How Do You Protect Profits and Reduce Risk in a World Where Data Privacy Is Considered Dead?

Success is measured by your return on investments and ultimately your customer satisfaction scores. But, in today’s world of digital mobility, fraudsters are utilizing extremely sophisticated technology and social engineering to prey on your customers. Moreover, potential exposure to heavy fines levied on your company for any mistakes made, creates the perfect storm.

To truly Know Your Customers (KYC) and lend smarter, the logical approach for thorough identity assessing is to leverage dynamic data at the time of applicant inquiry. Static data, knowledge based authentication and increased application friction isn’t keeping the fraud out; it’s just annoying your good customers and costing you time and money.

Fight fraud, reduce risk, and increase customer satisfaction, while improving operational efficiency by pre-processing applications with Whitepages Pro’s dynamic identity data.

Apply Identity Check at the front end, optimize processing of legitimate applications early in the workflow. This business best-practice will validate identities, correct discrepancies, and triage risky applications quickly.

3 EASY WAYS TO USE WHITEPAGES PRO’S DYNAMIC IDENTITY DATA

Whitepages Pro PhoneSearch by phone by entering a number into Whitepages Pro Web Search. The resulting links will reference phone to name, phone to address, and phone subscriber information. If there are null results or matches besides the applicant’s name, route the application back to the loan officer for correction, clarification, and/or disqualification before the file ever gets to a processor.

Map of LocationsSearch by Address allows validation with up to 30 years of location history; corroborating prior address timelines and related application inputs. The receiving mail function and property type alert the processor to dwelling type, other resident occupants at each address, including real estate cooperatives, condos and dwellings zoned for commercial use.

Identity Verification: Person IconIdentity Check combines several due-diligence checks on customers into a single view screen. The one-second response time is ideal for bank branch environments handling in-person transactions. Identity Check Web is offered for bank storefronts and Identity Check API is built for technology analysts, transforming contact data queries from URLs and eliminating keystroke inputs altogether.

IDENTITY VERIFICATION

Whitepages Pro’s dynamic identity data empowers great brands to loan money smarter across prime, alternative, and subprime lending; including three of the top ten banks, several of the largest alternative lenders and four of the top six home mortgage lenders.

 

Effective and Efficient

We implemented Whitepages Pro and it’s a fundamental due-diligence step for qualifying the identity of applicants. Whitepages Pro’s web search is instant, errors resolve on screen – eliminating incomplete applications from entering the mortgage processing queue prematurely and before credit history is ordered.

Top 3 Mortgage Company and Whitepages Pro Customer

Enterprise Grade Security

Our policy and leadership mantra is to protect customer information by working within the firewall. Whitepages Pro Single Sign-On implementation with federated login (SSO) delivers on that and our proprietary customer data is secured from the public internet. Operationally, we realized a net gain of 54%; the identity assessment checklist now averages 11 minutes per file, and savings of $5,200 per month per 1,000 loan applications.

Top 4 Bank, Regional Home Mortgage Division

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