Bank Account Validation

Checking Data

Prevent check fraud and reduce losses by identifying red flags that may require further verification. We validate submitted checking data, and earmark multiple accounts for a single individual or multiple individuals who use the same account. We even alert you if a submitted Social Security Number (SSN) has previously been associated with an input routing and account number combination.

Routing and Account Number Validation

CoreLogic Teletrack validates the routing transit number (RTN) and indicates account restrictions. While the system does not report the status of funds in the account, we confirm that the account number follows the financial institution’s format, and includes the following:

  • Name and phone number of the financial institution
  • The Automated Clearing House (ACH) conditions for the financial institution, including the ability to receive ACH credits and/or debits
  • The RTN status that indicates if the routing number is active or retired

Account Number and SSN Association

Uncover potentially fraudulent behavior by examining an applicant's past relationship with the routing and account number combination, as well as the relationship of this data with other applicants. Consider the following:

  • Has the routing and account number combination previously been reported with the submitted SSN?
  • Has the applicant’s SSN been associated with other routing and account number combinations?
  • Have other SSNs have been submitted with the data entered?

The existence of these relationships does not necessarily imply fraudulent behavior, but excessive accounts for a consumer, or multiple consumers with the same account, may require additional investigation.

 

ChexSystems Debit Report®

Historically, consumers establish a debit account earlier than a credit record. To help lenders better assess risk associated with nontraditional credit transactions, we have united Fidelity National Information Services, Inc. (FIS) data with our industry-leading credit risk assessment tools.

The Debit Report provides real-time debit summaries about consumers who have, or had, checking or savings accounts. Using information that is updated nearly 350,000 times each day and comes from 8,500 banks with more than 100,000 locations, as well as more than 70,000 retailers and merchants, this powerful report helps lenders determine creditworthiness and access consumers’ past banking histories. This data is especially useful for thin-file applicants, or for deeper insight into detailed financial histories.

The Debit Report has been shown to help improve risk assessment for credit issuers who want to:

  • Increase their overall customer base without increasing overall risk
  • Maintain approval levels while reducing credit losses
  • Grow overall profitability through balancing growth potential with controlled risk
  • Evaluate banking behavior

The  Debit Report delivers a score and more than 78 data attributes through the same interface used to process credit inquiries with Teletrack. Highlights include:

  • New account verification and risk management
  • FIS SCAN℠ check authorization network
  • Information about accounts closed for abuse and fraud
  • Account opening inquiries
  • Deposit account collections
  • Check order history
  • Non-sufficient funds (NSF) check activity
  • Other useful predictors of financial risk.

All  trademarks are the property of their respective holders.

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