ComplyID

The Red Flags Rule issued by the FTC as part of the FACT Act requires business and organizations to implement a written identity theft prevention program to detect the warning signs or “red flags” of identity theft in their day-to-day operations. Recently, the FTC released “Fighting Fraud with the Red Flags Rule” - which are frequently asked questions that address the types of business required to comply and a four-step process to achieve compliance. The release of this information will result in re-evaluating, and possibly readjusting, your current compliance process.

Reviewing every application for potential identity theft can be cumbersome and expensive, especially when sifting through pages of data to understand the real threats versus false positives that can slow down the process and negatively impact a borrower’s experience.

Equifax has developed ComplyID™, a real-time, automated solution that helps to identify and manage Red Flag compliance, regardless of the type of credit you’re providing.  Available via Credit*Hi-Lite™, ComplyID automatically verifies, validates, and resolves identity discrepancies.

The value to your business

  • Automatically detect more than 200 credit report red flags and ID discrepancies
  • Customize detection and resolution options
  • Rapidly investigate ID discrepancy and red flag conditions
  • Resolve operational bottlenecks
  • Support in-house ID theft prevention initiatives
  • Produce a detailed audit trail

 

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