Industries We Serve – Banking

Banking

Veri-Tax, the premiere provider of verification and Ability-To-Pay Solutions, helps the financial industry meet the raised compliance and fraud detection requirements implemented by the Consumer Financial Protection Bureau (CFPB).

In order to identify consumer misrepresentation and protect their assets, banks and lenders evaluate whether a consumer or business entity is qualified to repay a loan or other line of credit.  This evaluation includes verifying the applicant’s income, identity, employment status, and bank account information.

How Veri-Tax Can Help You:

Lenders use Veri-Tax’s unbiased, third-party verifications to prevent falsified documents submitted internally or by consumers. Veri-Tax’s fast and reliable solutions relieve a bank’s internal processors from performing tedious verifications, thus increasing the quantity and quality of loans funded.

Verifications:

 Veri-Tax Ability-To-Pay Solutions:

Verify Income

  4506-T Income Verification

  • 48-72 hour IRS tax transcript turnaround time
  • Custom tax transcript summary sheet
  • Online order tracking and multiple transcript delivery options
Verify Employment

Verification of Employment

  • Delivers salary, commissions and bonuses for current and previous years
  • Answers the probability of the borrower’s continued employment
  • Re-verifies current employment right before closing
Verify Accounts

Verification of Accounts

  • Instantly retrieves all electronic bank account information
  • Monitors accounts for up to 90 days and flags unusual account activity
  • Reports outstanding loan balances and monthly payments
  • Uncovers undisclosed borrower debt
Verify Identity

Social Security Number Verification

  • SSN Match: Instantly verifies if SSN and name match
  • SSN Deluxe: Reports SSN year and state issuance, checks death index, and delivers all aliases and addresses associated to an SSN
  • SSN Prime 89: Form SSA-89 Processing delivers 100% accurate results from the Social Security Administration
  • SSN Complete: Combines all three SSN verification reports and searches Patriot Act database for a match result