Credit Verification

About credit history verification:

Credit Verification of Individual who intends to borrow is a vital process in lending perspective. Funds Invested in Lending should return with earnings; for which due diligence is inevitable to assess the Contactability, Standard of Living, Credit Worthiness and Capacity to repay. Hence the credit check is one of the most important checks to conduct as a part of the background verification.

 

Why you need credit history to be checked for background verification?

The credit history of the individual can reveal the behaviour of the candidate in terms of handling the finances, whether they have the

  • Intention to pay back
  • Ability to pay back

These checks are used to verify the credit rating of a person for safety and security reasons and their past financial records to check whether they are able to handle and manage the finances or not.

 

Why you need Verifitech to conduct the credit verification check for you?

Ours various Credit Verification Practices including Contact Point Verification (CPV), Fraud Risk Mitigation (FRM) facilitate Banks and Non Banking Finance Companies to take critical decision on the sanction of Credit facilities. We endeavour to provide credit verification services based on the Guidelines of Banks / NBFCs. Our Credit Verification Process designed for product specific for each credit products; and never deviates from the Credit Norms implemented by the Banks /NBFCs time to time.

Our Credit verification checks process are described in detail below:

Address is the first and foremost Point of contact for any Individual; especially it is principal data of a Borrower in lending process. Contact Point Verification through physical visit is a basic process in order to assess the Contactability, Standard of Living, Credit Worthiness and Capacity to repay. In our Physical Visit, we conduct Address Verification, Salaried and Self-Employed Verification. In addition to the Physical Visit our internal tele-verifiers also conduct Tele-Verification and our supervisory executive validates both Physical Visits and Tele-Verification. Irrespective of various locations, all our Verifiers are trained to provide uniformity in the Reporting pattern based on the nature of Credit product / Credit facility and our supervisory Executives ensure the same in order to maintain the Quality in Reports.

We also provide an end-to-end solution for back end credit processing for banking and non-banking verticals. It includes the credit operations activity for different types of loans such as Home Loan, Personal Loan, and Auto Loan etc. We at Verifi Tech have Retired bank employees and Chartered Accountant to verify the documents, analyze the bank statements, Cash flow and other bank details, analyze tax details, and also other checks like spending nature of the Loan applicants etc.

Stock Audit is one of our major strength and our Stock Verification team have retired bank employee and chartered accountants monitoring in real-time over the various Stock Audits to make sure that stocks are assessed and remain transparent to our clients. These services are also helpful to banks in the Inventory Management. We have included the best service practices and standard in our auditing process of Stock Verification.

We provide a tailored and customized Skip Tracing as per the needs of our Banking clients that includes searching the current where abouts of absconded Borrowers. We have effective process in place for skip tracing activity designed by Retired Police Cops and Associate Certified Fraud Examiners, different database to get the traces about the absconded person’s but also locate their current as well as previous addresses as well. We have created a network contacts to help the skip tracing activity and assure to provide accurate available information about the absconded Borrowers.

Minimizing Fraudulent Applicants prior to the lending is an essential part of any Banking or Non-Banking organizations as they are facing a wide variety of frauds in their regular operations. The Fraud Risk Mitigation helps in minimizing the chances of financial defrauds, which could cause loss to the organization and controls the offensive violation of the rules and guidelines of the Central Bank and other Governing agencies. We at VerifiTech have a team of professionals of Chartered Accountants and Associate Certified Fraud Examiners to help in identifying the fraudulent cases in Banking and Non-Banking Operations. We also help the organizations to remedy the gaps in the verification thus strengthening their risk mitigation to reduce fraud.

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