Tool Counters Loan Fraud
Informative Research, a mortgage credit reporting agency, has released a new service to combat loan fraud through credit verification.
The Credit Score Validator provides mortgage lenders with a tool to authenticate credit scores that appear on a hard copy of a credit report, the company said. In addition to validating the score, the tool also notes if a fraud alert was issued on the original report.
Jeff Lau, director of marketing at Informative Research, said that with fraud and identity theft on the rise, the Credit Score Validator will help safeguard lenders against fraudulent activity.
To use the service, the recipient of an IR credit report enters the borrower information from the credit report into the company's website and the company will return the actual credit scores and notify the lender if there is a fraud alert on the report.
Informative Research said the service will have definite value in the subprime mortgage sector, where fraud may be more prevalent.
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