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Preventing ID Theft

New Solution Helps Stop Mortgage Fraud at Origination

Loveland, Colo. (March 10, 2009) Kroll Factual Data, a leading provider of business information solutions to financial organizations, announced today that it will offer its consumer identity verification product in conjunction with tri-merge credit reports. FactualID, a comprehensive borrower assessment, helps lenders prevent fraud and reduce risk by uncovering possible identity misrepresentation.

Kroll Factual Data launched FactualID in January 2007 as a standalone risk assessment tool. Today, the company offers clients the option to automatically request identity verification when a credit report order is placed. This option adds an extra measure in verifying the borrower's true identity to counter fraud at the beginning of the loan process.

"A recent report issued by FinCEN indicated that more than half of mortgage fraud filings were filed by only ten institutions, around 8 percent of the SAR's filed referenced a repurchase demand, suggesting the filing institution did not learn of the possible fraud until a buyback was requested," said Jeff Gentry, VP of emerging services at Kroll Factual Data. "Uncovering fraudulent activity at the point of origination is essential. By combining FactualID with our credit reports, we aim to help financial institutions fund accurate, high quality loans, and ultimately reduce losses due to fraud."

To perform a FactualID assessment, clients provide Kroll Factual Data with the borrower's name, Social Security number and property address. From this data, clients receive a report that assesses the risk of identity and occupancy misrepresentation and also searches the OFAC List of Specially Designated Nationals (SDN), the OFAC Non-SDN Palestinian Legislative Council List (NS-PLC) and other exclusionary lists. Results are translated into a numerical risk score to provide easy risk assessment parameters that can be customized for each client.

Kroll Factual Data provides a wide range of services, which include Risk Assessment Solutions , Collateral Verifications , Portfolio Valuations , and Resident Screening Solutions. For more information on the company and services offered please visit the Web site at www.krollfactualdata.com.

SOURCE: Kroll Factual Data

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