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TheStreet Open House

FORMFREE, Equifax Partner To Streamline Borrower Asset Checks

Stocks in this article: EFX

Alliance Adds Automated Verification of Deposit and Asset (VODA) Service to the Equifax Set of Solutions

FORMFREE logo

Digital Bank Reports Reduce Borrower Fraud and Wasteful, Paper-Based Processes

ATHENS, Ga., Oct. 21, 2013 (GLOBE NEWSWIRE) -- FORMFREE, a provider of technologies that help financial institutions determine the ability of their customers to pay back loans, and Equifax Workforce Solutions (NYSE:EFX), a global provider of human resource and verification services, have formed a strategic referral partnership through which Equifax will offer the ACCOUNTCHEK service, the mortgage industry's leading automated verification of deposit and asset (VODA) solution.

Used by mortgage lenders and other providers of consumer credit, ACCOUNTCHEK automates the verification of a borrower's deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. ACCOUNTCHEK delivers VODA reports in minutes through a secure web and mobile portal, eliminating the need for borrowers to submit endless paper copies of bank statements while reducing loan file errors and potential fraud.

Equifax offers asset verifications to its customers through manual processes, but will be adding ACCOUNTCHEK as a digital alternative. The ACCOUNTCHEK service is completely paperless and connects lenders directly to virtually any financial institution where a borrower holds an account.

"By partnering with FORMFREE, we will be able to empower our verifier clients with immediate access to digital account statements when authorized by the applicant, thus helping them close loans more quickly and provide a better overall consumer experience," said Michael Kuentz, senior vice president for Equifax Verification Services. "In today's lending environment, where reducing fraud, using verified data, and ensuring borrower authenticity are paramount, ACCOUNTCHEK is a great solution to add to our offerings."

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