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What should be included in address discrepancy procedures?

Question: 
What should be included in address discrepancy procedures?
Answer: 

According to the Office of Thrift Supervision, there are simple questions examiners will ask financial institutions to determine if they are in compliance with address discrepancy procedures: does the institution recognize the address discrepancy; does it confirm that it relates to the consumer; does it furnish the correct address for the consumer to the credit reporting agency; and, does the bank report during the appropriate reporting period. Every financial institution should be able to answer these questions regarding their policy towards address discrepancies.

Secure Identity Systems is the only company in the U.S. that offers the end-to-end solution for Red Flag compliance including: Initial Risk Assessment, Policies and Procedures Manual, New Account Authentication, Change of Address Verification, Identity Theft Protection with fully managed recovery, On-site Staff Training, and an Anti-Phishing Program with site take-downs. For more information, visit us online at www.secureidentitysystems.com, or contact us by phone: (615) 377-7661 or e-mail: bansley@secureidentitysystems.com.

Secure Identity Systems was initially created to mitigate the risk for financial institutions by identifying growing security threats. Today, SIS serves financial institutions, businesses and families with the most robust products and services available. For more information on Secure Identity Systems, please call 877.304.3349 or visit SecureIdentitySystems.com. Follow Secure Identity System on Facebook and Twitter for security updates and special offers.

First published on 09/08/2008

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