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PRESS RELEASE


Lender Compliancy Support for FACT Act

Interthinx Offers New Solution


 
Agoura Hills, Calif. – (Sept. 24, 2008) Interthinx offers a loan-level identity component to assist lenders in complying with mandatory Red Flags identified in the FACT Act (Fair and Accurate Credit Transactions Act). Interthinx is the leading provider of proven risk mitigation, fraud detection, and regulatory compliance for the residential mortgage industry.

FACT Act compliance is mandatory as of November 1, 2008. The legislation requires that banks develop policies and procedures consistent with Customer Information Program (CIP) rules to identify potential instances of identity theft. FraudGUARD® by Interthinx, the proven detection tool for measuring and scoring fraud risk, accesses both public and proprietary data to generate more than 45 alerts that assist customers in fulfilling “Red Flag Rule” FACT Act requirements.

“Creditors and financial institutions are obligated to implement a written program that would satisfy the requirements to detect, prevent, and mitigate identity theft,” said Kevin Coop, president of Interthinx. “FraudGUARD provides a multitude of critical alerts to support compliance in areas such as Social Security numbers issued prior to date of birth of borrower, invalid phone numbers, and inconsistent personal identification information. FraudGUARD is an outstanding decision-support solution for any lender looking to support their current FACT Act compliance program or to help begin one.”

“The issue of identity theft is a significant focus of the FACT Act,” added Connie Wilson, executive vice president for Interthinx. “For training purposes, a multitude of FraudGUARD Red Flags have been mapped to specific FACT Act Red Flag Rules to help underwriters understand exactly what loan data needs further scrutiny. For example, under the FACT Act category of ‘Suspicious Personal Identifying Information,’ Red Flag 10.b states ‘SSN has not been issued, or is listed on the Social Security Administration’s Death Master File.’ FraudGUARD easily identifies Social Security numbers used in Death Benefit claims prior to loan dates.”


SOURCE: Interthinx

 
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