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Guidelines for Address Discrepancy

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Question: 
A new customer has presented his driver's license for CIP and a credit report is obtained. The credit report has his new address and "NO" address discrepancy red alerts show. Does this mean an address discrepancy has not occurred and the account can be opened using the address obtained?
Answer: 

It's not unusual for a driver's license to reflect an old address for some time after someone has moved. Getting to the DMV to update their records isn't necessarily high on everyone's priority list. Check the input information provided when the credit report was requested. Did it include the old address or the new one? Obviously, if the report was requested with the new address, and the credit bureau had that address, there would be no conflict.

First published on BankersOnline.com 10/15/12

First published on 10/15/2012

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