Miami Based Verification Bureau, a leading firm that specializes in fraud prevention, background screening and information verification services, announced today new turn around times day on many Verification Bureau online services. The enhancement of the company's response times is due to the implementation of new technology which improved: connectivity with data sources, operational processes, reporting for data accuracy and service. The company uses information directly from the Internal Revenue Service, Social Security Administration, and Department of Treasury to assure accuracy and consistency in their services.
Some of the enhanced services for banks, employers, and other private companies include:
Social Security Validations - Same Day
Federal Tax Number (FEIN) and Individual Tax Number (ITIN) Validations - Same Day
Tax Transcripts using the IRS 4506 - Same day
W-2 and 1099 printouts - Same day
Title Searches Nationwide in 3-4 days
Automatic Valuation Models (AVM) with Fraud Engine - Instant
1003AppScan - Loan File Fraud Detection Tool - Instant
OFAC (SDN Blocked List) - Instant
Criminal Background Searches - 24 hours
"W2's and 1099's are the most altered item by fraudulent individuals when requesting a mortgage. Now that lenders have access to this quick and cost effective verification, eliminating income fraud and reducing risk has never been so easy." said Juan Carlos Perdomo VP Sales for Verification Bureau.
According to year 2006 statistic on Mortgage Fraud the problem is on the rise and financial entities should be aware and find a way of survive these issues, in the market place. Statistics for 2006 show a 44% increase in mortgage fraud suspicious activities reports over 2005 and the decrease in real estate sales in 2007 has resulted in new fraud schemes and twists on old techniques. Florida remains on the top lists of all US States fraud. A month, Carlos Alvarez, Miami- Dade Mayor arrested via an undercover operation a band of 7 fraudulent individuals.
"Lenders who really want to excel on this competitive and disrupted market will need to implement strict verification processes in their underwriting guidelines. Having valuable information on-time will help them to make smart decisions during the lending process." said Esteban Reyes CEO for Verification Bureau.
Verification Bureau serves clients all over the world and offers a ZERO FRAUD TOLERANCE, a program in where businesses can test for a limited time Verification Bureau's online suite of fraud prevention and verification tools. For more information on this programs log on to www.verificationbureau.com
About Verification Bureau
Headquartered in Miami, FL, Verification Bureau is the leading developer of fraud prevention and web-based verification solutions in the United States of America. Over 2500 clients and 18,500 users nationally benefit from their online suite of verification tools and fraud prevention services.
The company's core offerings include 1003AppScan, an automated fraud filter used at pre-funding to detect inflated appraisals, property flips, identity theft, fraudulent brokers, false employment and income, and asset misrepresentation, among many others; IDFraudScan, which verifies social security numbers against data from the Social Security Administration (SSA) for identity verification purposes, and complies with section 326 of the U.S. Patriot Act (OFAC); IRSRecords, powered by a high-caliber connection to the Internal Revenue Service (IRS) to access individual and corporate taxpayer information in 24 hours for income verification purposes; PROVASiS, which is an automated property valuation tool (AVM) with built in fraud detection for property flips, ownership misrepresentation, appraisal fraud, manufactured homes, OFAC and more; ITIN Direct, used to verify Individual Tax Identification Numbers in pre-funding, and EIN Verification Direct, an accurate method to validate Employer Identification Numbers or Federal Tax Identification Numbers.