Setting Velocity Check Parameters for Synchronous Consumer Credit Applications

The Application Processing Module can perform velocity checks at application entry. For all velocity comparisons, case is ignored.

To set velocity check parameters, perform the following steps:

Note: If your system uses more than one line of business, select OM APM Synchronous Consumer from the Line of Business drop-down list in the top-level menu.
Note: The velocity check parameters are joined by the OR condition. An application is deemed a match if any of the specified parameter values match with the values of another application.
  1. In the administration navigation pane, click Application Controls.
  2. In the Velocity Check area, select the Check application for velocity check box if the velocity check should occur when the application is submitted and updated. If the velocity check should not occur, leave the checkbox unselected (velocity check box is selected, by default).
  3. Select one or more of the following applicant fields for the system to compare against when velocity checking is enabled:
    • Identification Number. If the velocity check should compare the identification number of applicant against the identification number in other applications in the system. Identification number can be passport number, driver's license number, or military ID.
      Note: SSN is not taken into account while performing the velocity check.
    • Name. If the velocity check should compare the names and current addresses of applicants and co-applicants against other applications in the system. Select if the velocity check should compare only the name, only the current addresses, or a combination of the two (where both the name and address in the application must match the name and address combination of another application).

      Two names are considered a match if the first seven characters of the last names plus the first character of the first names match. Two addresses are considered a match if the first five digits of the house number, P.O. Box number, or Rural Route Number match, the first five characters of the street name or number match, or the first three digits of the apartment number or postal code match.

    • Address. If the velocity check should compare the names and current addresses of applicants and co-applicants against other applications in the system. Select if the velocity check should compare only the name, only the current addresses, or a combination of the two (where both the name and address in the application must match the name and address combination of another application).

      Two names are considered a match if the first seven characters of the last names plus the first character of the first names match. Two addresses are considered a match if the first five digits of the house number, P.O. Box number, or Rural Route Number match, the first five characters of the street name or number match, or the first three digits of the apartment number or postal code match.

  4. Specify the number of hours across which the applications need to be checked.
    For example, if the number of hours is set to 5, the application is checked across the applications filed within the past five hours including the hour the application is submitted.
    Note: For velocity check, the velocity check in hours is a mandatory parameter. You cannot save the configuration, unless you specify this parameter.
  5. Click Save.

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