First American CREDCO Introduces Fully Automated Social Security Number Verification Solution
––ProScan Social Security Number Newest Addition to Comprehensive Fraud and Compliance Suite—
March 16, 2010, POWAY, Calif.
First American Credco, the leading provider of credit reporting solutions to the mortgage industry and a wholly owned subsidiary of The First American Corporation (NYSE: FAF), today announced the introduction of a fully automated online solution for verifying applicant Social Security Numbers (SSN) directly through the Social Security Administration office.
Mortgage lenders, brokers and other industry professionals can now quickly and reliably verify applicant name, date of birth and SSN online and receive accurate results in real-time. The fully automated solution allows customers to receive credit data and SSN information at the same time.
Using a convenient online document upload feature on the First American Credco platform, users can upload the signed and dated consent form (Form SSA-89), key in the corresponding applicant information in the available data fields and click ‘submit’ for instant verification results. The Social Security Administration will instantly verify whether or not the information provided matches the SSN data they have on file.
“With the increased scrutiny on the timeliness and quality of reliable loans, we are pleased to introduce this fully automated SSN verification solution to help streamline the lending process,” said John Bauer, executive vice president of business development for First American Credco. “As part of our overall suite of fraud and compliance solutions, ProScan SSN delivers a convenient, reliable method for obtaining instant match results on an applicant’s social security number.”
ProScan Fraud and Compliance Suite
ProScan SSN is the newest addition to First American Credco’s suite of fraud and compliance solutions, which includes:
- ProScan ID – A simple, reliable solution for verifying a borrower’s identity, including identification alerts, consumer statements and active-duty alerts.
- ProScan OFAC – Automatically checks applicants against the Office of Foreign Assets Control (OFAC) database and instantly delivers results with “next-step” compliance information.
- ProScan Index – A risk-based identity verification score that indicates the level of risk associated with the applicant’s SSN, address and telephone number.
- ProScan XL – Screens applicants against OFAC, plus the Bank Secrecy Act (BSA), USA Patriot Act and more than 25 domestic and international lists of known or suspected terrorists and money launderers.
- ProScan IQ – A monthly aggregated report that analyzes a customer’s actual loan data to identify trends in fraud and mitigate their potential risk.
- ProScan Alert – A text-based identity verification tool that verifies an applicant’s SSN, address and phone number.
The automated SSN verification solution is also available through First American Credco’s sister company, CredStar, under the product name SSN Confirm.
For more information about First American Credco’s ProScan SSN and the complete suite of fraud and compliance solutions, visit www.Credco.com or call (800) 255-0792.
About First American CREDCO
First American Credco, a wholly owned subsidiary of The First American Corporation (NYSE: FAF), is the nation’s number-one provider of merged credit reports, processing one out of every two credit reports ordered in the mortgage industry. The company proudly serves a broad range of lending and retail markets with a variety of business information products and services. More information about First American Credco can be found at www.Credco.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With total revenues of approximately $6.0 billion in 2009, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.