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CIP Red Flags Rule

ProScan ID provides a turn-key solution to help you establish processes to meet the compliance requirements in the Customer Identification Program (CIP) and Red Flags Rule–quickly and easily. CIP requires businesses to form a reasonable belief as to the true identity of each of their customers, while Red Flags Rule requires financial institutions to implement an identity theft prevention program. ProScan ID helps satisfy these requirements by verifying the accuracy of your applicant’s Social Security number (SSN), name and address.

Best Match and Critical Discrepancies

Beyond standard alert products, ProScan ID delivers optimum best match results based on advanced logic and filtering algorithms. It recognizes and reports a variety of critical discrepancies involving an applicant’s SSN, such as cases where an SSN has been issued to multiple people and invalid, deceased or stolen SSNs. Results also include Fair and Accurate Credit Transaction (FACT) Act alerts.

Drawing from multiple data sources, ProScan ID organizes data into “Identity Groups” with full data disclosure, making it easier for you to validate the accuracy of a loan applicant’s information.

Product Details

  • Helps satisfy compliance requirements for the Customer Identification Program (CIP) and the Red Flags Rule
  • Verifies an applicant’s identity at any time during the mortgage lending cycle
  • Easily integrated into your current Loan Origination System and other systems
  • Helps manage compliance risks to avoid fines, business restrictions
  • Expanded, best-match search results from multiple data sources