Credit Bureaus and Fraud Alerts/Credit Freezes

Posted By: sunshinebanker

Credit Bureaus and Fraud Alerts/Credit Freezes - 09/25/08 08:05 PM

Do any of the credit bureaus provide reporting that would allow us compliance people to know if credit bureau reports run for our organization include fraud alerts/credit freezes/address discrepancies, etc. ? When I do the ID Theft audit, I would like to know which customer's files to pull to verify that the alert was documented according to our procedure.
Posted By: C_Groat

Re: Credit Bureaus and Fraud Alerts/Credit Freezes - 09/25/08 08:14 PM

I doubt the credit bureaus would be able to pull that type of info, especially without additional cost. You may be better to have your new account decision engine (depending what you use) to capture these flags and provide reporting. Within our system, we use Appro, and any new application with a fraud alert, credit freeze, mis-matched addresses is flagged for a analyst to review. Quality is also performed on a sample of these to ensure compliance with our procedures.
Posted By: Maytagman

Re: Credit Bureaus and Fraud Alerts/Credit Freezes - 09/26/08 01:38 PM

Sunshine, I determined this by looking at a sample of documentation obtained during the opening of recently opened new accounts. The reports from Equifax included notations like "address discrepancy" and "initial fraud alert" on the first page of the report.