TELETRACK LAUNCHES IDENTITY VERIFICATION
SERVICES FOR GAUGING FRAUD
~ Insight into the potential fraud risk associated with a pending transaction ~
NORCROSS, Ga., August 6, 2006—Teletrack, Inc., a provider of non-traditional consumer information, announced the launch of a new identity verification solution designed to dramatically reduce instances of fraud during consumer credit transactions.
"Identity verification allows us to further enhance the reporting services that our customers use when making lending and risk decisions," said John Kaltenbach, Director of Internet Sales for Teletrack. "This service allows online lenders and store personnel to make quick decisions about the fraud risk associated with a particular applicant."
Teletrack's identity verification service validates that the information presented during a transaction has previously been associated with the information provided on the application. The associated data is analyzed across Teletrack's data sources to help confirm the consumer's identity and uncover inconsistencies that may indicate potential fraud.
“Teletrack is constantly seeking out new data sources and innovative processes to help businesses operate efficiently, reduce losses, and serve the maximum number of consumers, said Rich Alterman, Sr. Vice President of Product Management, Teletrack. “Identity verification is a perfect example of Teletrack's commitment to accuracy while providing consistent and seamless service."
The identity verification service compares applicant information to consumer identification records, inquiry and loan records, charge-off and paid charge-off data, bankruptcy data, and landlord/tenant court records. Teletrack verifies applicant information using the name, Social Security number, address, phone number, and date-of-birth of the applicant. The process reports inconsistencies with the consumer's information, provides match and warning factors, and delivers a confidence score.
"Businesses are seeking a quick, adept source for consumer information,” Alterman said. “Teletrack identity verification service provides an instantaneous response that is integrated with live Teletrack data, which enables users to take advantage of effective value-added intelligence.”
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