Verifying Consumer Credit Applications

When a consumer credit application contains information that needs to be verified, it is placed in Pending Verification status. Examples of such information are the applicant's monthly income or time with the current employer. Application verification is necessary when the system flags an application for verification in the course of processing the application.
  1. To update and resolve an application in Pending Verification status, perform one of the following steps:
    • Use the Search feature to locate and open the application.
    • Access and open an application from the queue that your administrator may have created and defined for verification in the My Queues list on the Home page.
      Note: When you are working on the priority queue, the applications are displayed in the sequence that is determined by your administrator.
  2. Review the list of items to be verified in the Verify Application pane on the Application page.
    The items vary based on your company's configuration. With the preconfigured Application Processing Module, the following items can be configured to be flagged for verification:
    • Monthly income greater than a specified value for either applicant
    • Time with current employer less than a specified period for either applicant
  3. Verify the relevant details.
    • For items that have been verified, select Verified.
    • For items that have not been verified, select Not verified to decline the application.
  4. For each item, select the verification reason from the drop-down list and enter notes about the verification process.
    Note that verification reasons are available for selection from the drop-down list only if your system administrator has configured those domain values.
    See Also: For more information on domain values, see the FICO Origination Manager Application Processing Module Administrator's Guide.
  5. (Optional) To save the verification data, click Save. The system indicates that the application has been partially verified. You can return later to complete the verification process.
    You can also use the Exit Without Saving option.
  6. Click Complete Verification.
    Note that verification of the application can be completed only after you have verified all the items that were flagged.
  7. (Optional) Select the and open next case check box to access the next case in the queue.
  8. (Optional) To withdraw an application with unverified items from the system, click Withdraw Application.

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