Identity Verification through TransUnion®

Confirming customer identification is an essential step in underwriting to prevent insurance fraud. MIB clients can seamlessly perform identity verification across a wide spectrum of databases with Identity Verification through TransUnion's TruValidate Identity Verification Service®.

This service checks multiple, comprehensive public and private sources, covering an extensive network of consumer and fraud identity databases. It uses sophisticated algorithms that search for patterns and behaviors that may be indicative of identity fraud, returning a configurable identity risk score for assessment. It also provides a detailed summary of potentially inaccurate information provided by your applicant.

Protection against identity fraud

TransUnion's TrueValidate Identity Verification Service® (IDV) can help you identify:

• True Name Fraud—a perpetrator assumes an identity of a real individual, by tapping into their personal information, including address(es), phone numbers, and Social Security number. IDV verifies the year and state obtained for valid SSNs, numbers not yet issued and those of deceased consumers.
• Synthetic Fraud—a perpetrator builds a fictitious identity by combining real data and fabricated information from other people’s data (social media, etc.).
• Fraud Victims with statements on their TransUnion file indicating the potential or presence of identity theft or fraud.
• ITIN Mistaken Entry—a mistake when an Individual Taxpayer Identification Number (ITIN) is entered as Social Security Number (SSN).

Streamlined, automated process with fast results

See an applicant's full profile within seconds with actionable services that can be integrated into automated workflows. MIB members can order IDV services at the same time that you perform a check of the MIB Checking Service database. Other benefits of the service include:

• Customizable risk strategy to trigger alerts
• Supports e-app automated workflows
• Triages cases with confirmed identities; helping to reduce rescissions and follow-up costs.
• Supports “Know Your Customer” and anti-money laundering compliance programs.
• Integrates with ease, using existing WEB-DIRECT connectivity.

No compliance burden

Because TransUnion's TruValidate Identity Verification Service® can only be used for non-Fair Credit Reporting Act (FCRA) purposes, such as identity verification, these searches are not subject to the FCRA requirements such as special authorization, pre-notice or disputed accuracy investigations.