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Identity Verification
It is reassuring to me when a retailer asks to see photo identification when I pay with a credit card. It gives me peace of mind shopping knowing that if someone were to steal my credit card they would not be able to easily use it with this retailer.
For added protection, many consumers subscribe to an identity theft monitoring service that will place an alert on their credit report that requires any credit issuer to properly verify identity prior to issuing credit.
When applying for a credit card processing account, the bank will be required to verify identity if such an alert exists on an applicant’s credit report. The verification process is simple and can be completed by providing a copy of the Drivers License and a recent home utility bill.
Remember that should the bank request these documents it is for your own protection. The bank just wants to make sure that another person has not stolen your identity and is now trying to apply for a merchant processing account.
Requests by creditors to verify your identity are a sign that the identity theft protection measures you have put in place are working.