RedFlag

The PitchPoint Promptu rules-based process will ensure compliance with your corporate red flag policies and provides a detailed log to track ID theft issues and demonstrate compliance. This comprehensive ID Red Flag service automatically checks for credit bureau red flags and applies your risk rules to automatically investigate ID discrepancies using the leading databases eliminating up to clear up to 90% of false positives and escalating high risk ID issues.

Looking for FACT Act Red Flag Rule Compliance?

Flexible and Robust Red Flag Compliance Services

The FACT Act Red Flag Rule requires deposit-taking institutions to detect and mitigate the risk of ID theft. In particular it requires the credit-granting institution that pulls a credit report to also check for discrepancies and warnings from the credit bureau and to investigate those discrepancies. The Red Flag with ID Investigation Report provides a detailed display of the credit bureau red flags in one column and highlights the results of the most current data available from leading fraud databases in a second column. This enables clients to identify credit bureau warnings and compare them with current information to instantly resolve false positives.

Ensuring Compliance

Part 1 Bureau Red Flag Check

The first part of the report displays all bureau red flags from all sections of the credit report, not just the bureau header data. The service checks for more than 240 potential Red Flags, including:

Bureau Red Flag Report:

Summary of red flags identified by credit bureaus, as per FACT Act Red Flag Rule
       

 

 

 

 

 
  • Discrepancies between input ID data & bureau data
  • Consumer narrative alert
    Active military duty
  • Fraud alert
  • SSN alerts, issue date, multiple names, never issued
  • Suspicious addresses (prisons, commercial, camp-ground, etc)
  • Suspicious phone numbers (public/ pay, commercial)
  • OFAC & watch list alerts
  • No hit alert
  • Missing data alert
  • Miscellaneous bureau alert

Part 2 Investigation

The system then performs a comprehensive search of billions of records from leading fraud databases to identify the most current information available on the borrower. The combined report displays both the credit bureau red flags and the most current ID investigation results side by side. The comparison of bureau data versus current data enables the lender to quickly identify miss-keyed data or out-of-date bureau data (i.e. false positives) or true ID discrepancies. This powerful report enables the lender to streamline the ID validation process.

Your Federal Trade Commission "Four steps to compliance"

Compliance with the PitchPoint Promptu Red Flag Service

The validation services enable lenders to quickly identify discrepancies, track issues, reduce the risk of fraud.

Federal Trade Commission