DRIVE application requirements for multiple programs. LOWER credit bureau fees by DISQUALIFYING applicants first. ENFORCE application requirements, ELIMINATE falsified applications and PREVENT fraud.
View Decision Table SampleWhat are the benefits of prescreening?
Fraud and falsified information are major problems in lending today. Prescreening allows your business to prevent these types of problems with the latest in verification and fraud prevention tools. Prescreening is also a great cost reduction tool. Disqualifying applicants early saves time and reduces credit bureau fees.- Check income, length of employment, age, time at residence and type of residence
- Eliminate individuals with bankruptcies, evictions or foreclosures
- Check applicants against OFAC to be in full compliance with the law
- Prevent fraud with several fraud prevention products
How does prescreening work?
- The application data is checked against set requirements, e.g., age or income.
- Application data, e.g., bankruptcy or foreclosures, is verified with on-line databases.**
- Names, social security numbers and addresses are checked for fraud and screened against the OFAC database**
- If all prescreening rules pass, the application is submitted and then decisioned.
- If prescreening fails, a failure message is returned and the process stopped
- It is required by law to check applicants against OFAC. This can be done in prescreening or directly from a new application.
| Prescreening Rules | |||
| Type | Rules | ||
Application Data |
Application Data prescreening rules allow you to establish set requirements for new applications. Every application is checked against these rules before submitting. The following are application data rules that can be set up. |
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Verification Databases |
In addition to setting requirements for application data, the same application data can be against national databases for bankruptcies, liens, judgments and it is also important to validate information like bankruptcy history against national databases. and an to check the OFAC database for known criminals and terrorist. All industries are required by law to check applicants against OFAC.
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How do I setup Prescreening?
- If you already have a decision table setup, skip to step 10
- Go to My Account
- Select Decision Tables
- Click Add New Decision Table
- Enter a Name for your new Decision Table
- Click the Prescreening Level
- Enter a Failure Message to display when prescreen fails
- Populate the rules you want to require and verify on application entry
- Click Save
- Go to My Account
- Select Access Codes
- Select the applicable Access Code
- Select Automated under the Decision Table section
- Select the decision table previously set up
- Click Save