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Identity Check

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Identity Check

 

NEW YORK, Aug. 1, 2017 /PRNewswire-iReach/ -- A form of identity theft is artificially inflating consumer loan delinquencies and costing banks billions of dollars annually, according to data from Auriemma Consulting Group (ACG).

 

Synthetic identity theft, a form of application fraud in which criminals use fake personas to abuse credit, is responsible for 5% of charged-off accounts and up to 20% of credit losses – or $6 billion last year alone – according to the firm's analysis. The total is higher when store credit cards are considered, along with other products such as auto loans.

 

Lenders currently rely on the information obtained from a borrower’s application.  That information is compared to the information provided by credit bureaus and data aggregators.  Fraudsters know this, so they create fraudulent or synthetic business identities and provide the information the credit bureaus and data aggregators. 

 

We use Identity Check to verify, with the IRS, that the Corporation, LLC, Partnership or Sole Proprietorship has obtained an EIN number and that it matches the one provided in the application.

 

With Identity Check, you can make better lending decisions. 

 

 

 

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