CIP Tip

Mary Beth Guard, guru of BankersOnline.com, recently gave Michigan compliance managers some tips about things to include in the CIP. She pointed out that while most lenders pull a credit report on applicants, they increasingly tend to look only to the credit score. They should be looking at all of the information in the report for clues to the customer's true identity. For example, is there a fraud alert notice in the report? Account opening personnel should also review such reports completely. Include this as a required step in your program.

Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 5, 6/03