Rapid Reporting and LandAmerica/INFO1 Partner to Combat Identity Theft.Business Editors
FT. WORTH, Texas--(BUSINESS WIRE)--Sept. 24, 2003
DirectChek Online Identity Verification Noun 1. identity verification - the automatic identification of living individuals by using their physiological and behavioral characteristics; "negative identification can only be accomplished through biometric identification"; "if a pin or password is lost or Provides Means to
Identify a Borrower at the Beginning of the Loan Application Process
Rapid Reporting Verification Company, a national provider of pre-funding income and identity verification products to the mortgage industry, announced that it has formed a partnership with LandAmerica/ INFO1, a national provider of credit information and other related services for the mortgage lending industry, to market DirectChek to LandAmerica/INFO1 customers. This is significant because INFO1 is the first credit reporting company to work with Rapid Reporting to help eradicate Eradicate
To completely do away with something, eliminate it, end its existence.
Mentioned in: Smallpox identity fraud.
An online identity verification product used by mortgage lenders, DirectChek provides a cost effective and efficient way to confirm the identity of a borrower at the beginning of the loan application process. DirectChek gathers information from the Social Security Administration (SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. ) database to verify that the Social Security number provided by an individual matches or does not match the number at the SSA central repository. This type of data is known as authenticated au·then·ti·cate
tr.v. au·then·ti·cat·ed, au·then·ti·cat·ing, au·then·ti·cates
To establish the authenticity of; prove genuine: a specialist who authenticated the antique samovar. or virgin data. Other companies identify individuals using harvested or usage-based data provided by the individual. That data cannot always be trusted because it only monitors the use of a Social Security number; it does not authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate.
(2) To verify (guarantee) that data has not been altered. it at the source, the Social Security Administration. Rapid Reporting is first company to form a relationship with the Social Security Administration (SSA) for identity verification purposes.
Jeffery Taylor, vice president of business development, said, "We are excited that a company as technology-focused as LandAmerica/INFO1 was interested in bolstering its ability to prevent identity theft for its customers using our DirectChek solution. Today, obtaining credit report information is a first step to verifying an individual's identity; however, it does not supply enough data to be 100 percent certain who someone truly is. This information is a direct result of data supplied by the individual and may or may not be correct. Since this data comes primarily from the individual, its reliability depends upon the individual's honesty and integrity."
Ken Goins, president of LandAmerica/INFO1, said, "We focus on providing our customers with the highest level of customer service and the most innovative technologies. Partnering with Rapid Reporting enables us to offer our customers a service no other credit reporting company has thus far; an added level of security when funding a mortgage loan."
DirectChek has three other identity verification checks in addition to the Social Security number check; the Death Master, the OFAC OFAC Office of Foreign Assets Control (US Treasury)
OFAC Ontario Farm Animal Council (Canada)
OFAC Olmsted Falls Airport Committee
OFAC Organic Fertilizer Association of California (Office of Foreign Asset Control) and the Credit Header. The Death Master list contains names and basic information about individuals whose deaths have been reported to the SSA and verifies whether that Social Security number is on the list or not. The OFAC check verifies that the data provided by an individual matches or does not match the name on the U.S. Treasury U.S. Treasury
Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Department's list of known terrorists, money launderers or drug traffickers Noun 1. drug trafficker - an unlicensed dealer in illegal drugs
drug dealer, drug peddler, peddler, pusher
criminal, crook, felon, malefactor, outlaw - someone who has committed a crime or has been legally convicted of a crime . Credit header information provides additional names associated with a Social Security number, and the date range and the state in which the Social Security number was issued, previous addresses, age and birthday of the individual.
Jay Meadows, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Rapid Reporting, said, "According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. everything written and reported to date, identity theft is the number one crime in the United States Crime in the United States is characterized by relatively high levels of gun violence and homicide, compared to other developed countries although this is explained by the fact that criminals in America are more likely to use firearms. and is continuing to grow at an alarming rate. To combat identity theft, lenders need to obtain virgin data, or information that is gathered from public or semi-public sources, such as the Social Security Administration or a state Department of Vital Statistics. We provide that information to our customers. Recently, Rapid Reporting saved one of its customers more than $3 million by identifying fraudulent activity. Attempted identity theft was discovered when a Social Security number provided by an individual trying to obtain the loan did not match the Social Security number provided by the SSA."
About Rapid Reporting
Founded in 1998 and headquartered in Ft. Worth, Texas, Rapid Reporting Verification Company is a national provider of pre-funding income and identity verification products for mortgage lenders to help combat fraud. The company's core offerings are IncomeChek, which is used to verify income, and DirectChek, which meets USA Patriot Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. compliance and is used to verify identity. The products operate over a secure, Intranet, Web-based portal, which is audited for security purposes daily. IncomeChek and DirectChek are used by mortgage lenders and provide an efficient and cost effective means to identify a borrower at the beginning of the loan application process.
Rapid Reporting formed and continues to build relationships with government agencies, such as the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ) and the Social Security Administration (SSA), to gather electronic data for verification purposes.
For additional information, write Rapid Reporting at 6300 Ridglea Place, Suite 410, Ft. Worth, Texas 76116 or contact the sales department at 888.749.4411. Visit its Web site at www.rapidreporting.com.