Importance of an Accurate Home Address

In my last blog I discussed the Fair and Accurate Credit Transactions Act of 2003, and explained how it will result in creditors taking greater steps to prevent identity theft.

Section 315 of the Fair and Accurate Credit Transactions Act of 2003 requires creditors to resolve any discrepancies (“Red Flags”) that might arise during the credit application process.  It is known as the “Red Flag” rule.   One example of a Red Flag that may arise during the merchant account application process is a mismatch between the home address provided on the application and the most recent home address showing on the credit report.

This mismatch will most often occur if the applicant has recently moved or changed addresses.  This is a very common scenario for many of our applicants who are starting a new business.  Often times the start of a new business coincides with a move or relocation. 

Applicants can provide any one of the following documents to satisfy the address mismatch:

1)     Utility bill showing applicant name and new address

2)     Drivers License showing new address

3)     Lease or Rental Agreement showing new address

If none of these documents are available don’t fret.  We have a staff member who specializes in getting alternative documentation approved.

Posted in Uncategorized on September 1, 2009 by Andrew