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Bank Account Verify

More predictive. Better performance. Lower costs.

WHAT IT IS:

Bank Account Verify helps lenders reduce underwriting risk by leveraging a consumer’s reported banking history to more precisely identify qualified borrowers and better predict loan payment default.

WHAT IT DOES:

Bank Account Verify offers access to the banking behaviors of more than 100 million consumers and assesses over 1 Billion ACH and check transactions each time a request is submitted.  Using BAV, lenders receive a cross-institutional view of a consumer’s banking activities and other valuable information, including:

  • Current status of the ABA and Account Number submitted on the application
  • Confirmation of the ability to received ACH transactions
  • Identification of other bank accounts associated with the applicant
  • Detection of high risk factors associated with the financial institution
  • A highly predictive Bank Performance Score for underwriting purposes

WHAT IT IS USED FOR:

Lenders in the alternative financial market find Bank Account Verify to be a highly valuable tool in reducing the risk of loan payment defaults related to:

  • Short term installment lending
  • Buy-here-pay here auto financing
  • Check cashing
  • Title lending
  • Retail financing

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