SIDESTEPPING AN "IDENTITY" CRISIS

By: Brian Bradley, Editor

Between stolen identities, sneak peeks at politicians' passport records, and terrorist threats forecast like the chance of rain, knowing who you're dealing with is pretty high on our radar screens. The US government is doing its part with many agencies instating and ... More

I’LL JUST PAY CASH

Why OFAC’s "Most Wanted" Might be Your Least

Like identity theft, terrorist financial activities often target the least suspecting victims, and least suspecting participants. Targets tend to be "buy here pay here" used car lots, family-owned jewelry stores, month-to-month apartment rentals and other small businesses that ... More

YOU GOT AN OFAC HIT, NOW WHAT?

What to Do When a Customer Shows Up on OFAC

You’re doing a routine check on a prospective customer when the OFAC Terrorist Watch List returns a hit. Now what are you supposed to do? {see} Magazine presents an interactive flowchart that allows you to explore the steps in determining if and how to report an OFAC hit. Take Me To the OFAC Flowchart
View the Downloadable OFAC Flowchart PDF

"FUNNY, YOU DON’T SOUND TEXAN"

Identity Theft Red Flags Take Effect

The more mobile and "Web-based" life gets, the less we know our customers' faces. At the same time, the surge in identity theft makes it more crucial than ever to make sure anyone applying for credit really is who they say they are. LifeTips reports that there are 19 ... More

CAN YOU SPOT FACTA RED FLAGS?

An Interactive Red Flags Quiz

By protecting your customers’ identities you earn their trust and their repeat business. But spotting Red Flags isn’t always easy. {see} Digital Magazine presents an interactive Red Flags Spotting Quiz. See if you can correctly identify the triggers that may indicate the presence of identity theft. Try Your Hand at the Quiz Here

"HANDLE WITH CARE"

How the Fair Credit Reporting Act Impacts the Way You Use Consumer Information

For the last three decades there has been an ever-increasing reliance by companies on consumer data for the purposes of conducting business. The government, through legislation, has been setting standards to create a common and fair system for the handling ... More

IS IT OR ISN’T IT?

What Types of Information are Subject to the Fair Credit Reporting Act?

Not all information is covered by the Fair Credit Reporting Act, but a lot of it is. Knowing when you must be compliant is essential to sound business practices. Imagine you are reviewing a candidate for a loan. This issue of {see} Digital Magazine provides some examples of information you may have gathered. Which information is a Consumer Report and subject to the Fair Credit Reporting Act? Which isn't? Use this interactive tool to try correctly sorting different report types into the correct folder types. Try Your Hand at the Sorting Game Here

TAPPING THE CREDIT UNDERSERVED MARKET

Alternative Data and the FICO® Expansion® Score

The consumer credit markets function fairly efficiently for 80% percent of the U.S. adult population. But for those individuals who do not have a FICO score, their "thin file" is a barrier to participation in the mainstream economy. It is estimated that 50 to 80 million individuals have limited ... More

ALTERNATIVE DATA REPOSITORY

Increase your potential lending base by up to 25%

It is more difficult than ever for historically underserved consumers with ‘thin files’ or no credit histories to qualify and receive competitive rates. Until now, many business have been forced to let potentially good customers go elsewhere for lack of a way to demonstrate ... More

FAIR CREDIT REPORTING RISK-BASED PRICING REGULATIONS

{see} Magazine’s CDIA Corner

In late-May 2008, the Federal Reserve Board and the Federal Trade Commission announced proposed regulations that generally would require a creditor to provide a consumer with a risk-based pricing notice when, based in whole or in part on the consumer's credit report ... More