{"id":2072,"date":"2021-11-26T12:21:00","date_gmt":"2021-11-26T12:21:00","guid":{"rendered":"http:\/\/3.229.211.58\/?p=2072"},"modified":"2024-09-03T09:19:38","modified_gmt":"2024-09-03T09:19:38","slug":"lending-businesses-can-use-compliancely-tin-matching-service-to-validate-borrowers","status":"publish","type":"post","link":"https:\/\/compliancely.com\/blog\/lending-businesses-can-use-compliancely-tin-matching-service-to-validate-borrowers\/","title":{"rendered":"Lending Businesses Can Use Compliancely TIN Matching Service To Validate Borrowers"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2072\" class=\"elementor elementor-2072\" data-elementor-post-type=\"post\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-7321103f e-flex e-con-boxed e-con e-parent\" data-id=\"7321103f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60d86d6e elementor-widget elementor-widget-text-editor\" data-id=\"60d86d6e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>Lending is one of the riskiest fields to function in if you\u2019re not sure about the borrower\u2019s identities. Imagine that you are a lending company in a mid-size city. Many borrowers will approach your agency or company for a variety of lending needs. While you might have the monetary capacity to cater to these varied needs, your business is at risk at all times unless you get your borrower profiles officially per the legal records.<\/p>\n<p>\u00a0<\/p>\n\n<p>This identity verification process doesn\u2019t need to be exhaustive (to begin with). It can be as simple as TIN Matching to help you get started and assess the risk of your borrower profiles. Other identity verification checks, such as <a href=\"https:\/\/compliancely.com\/ofac-watchlist\">OFAC watch list checks<\/a>, sanction checks, and more will help you enhance your due diligence efforts to conclude the risk factors of a profile.<\/p>\n<p>\u00a0<\/p>\n\n<p>The key focus here is the fundamental check \u2013 TIN Matching.<\/p>\n<p>\u00a0<\/p>\n\n<p>This is your ticket to understand if your borrower\u2019s tax details match the federal records and if they do, are they in real-time?<\/p>\n<p>\u00a0<\/p>\n\n<p>The following will discuss in detail the advantages of incorporating Compliancely\u2019s highly scalable Real-time TIN Matching solutions to help identify, validate, and scale up your <a href=\"https:\/\/compliancely.com\/blog\/effective-kyc-compliance-api-with-compliancely-real-time-identity-api\/\">KYC compliance<\/a> protocols.<\/p>\n<p>\u00a0<\/p>\n\n<h3 id=\"understanding-the-role-of-tin-matching-in-lending\" class=\"wp-block-heading\"><strong>Understanding the role of TIN matching in lending<\/strong><\/h3>\n\n<p>\u00a0<\/p>\n<p>TIN matching, otherwise known as TIN Lookup or TIN verification, is an essential identity verification check wherein the tax details of the individual or entity, along with the official name are verified per the IRS data lists. This is to ensure that the details furnished by the profile are in accordance with the IRS records.<\/p>\n<p>\u00a0<\/p>\n\n<p>This check allows lending businesses to understand the following.<\/p>\n<p>\u00a0<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Check if the borrower\u2019s profile is in good standing with the IRS<\/li>\n\n<li>Check if the tax details provided by the profile are accurate<\/li>\n\n<li>Check if the tax details are recent and not historic<\/li>\n\n<li>Check if the tax details claimed by the individual or entity are the real identities of the claimant<\/li>\n<\/ul>\n\n<p>\u00a0<\/p>\n<p>The above perspectives will be helpful in determining the initial risk factors of a profile. Think of TIN matching as a basic due diligence check you conduct to assess the risk of your borrower (because it really is just that).<\/p>\n<p>\u00a0<\/p>\n\n<p>However, it is essential to note that TIN Matching alone will not be enough to conclude if a profile is credible and worth the risk. <a href=\"https:\/\/compliancely.com\/blog\/enhanced-due-diligence-with-compliancely-real-time-identity-api-infrastructure\/\">Due diligence<\/a> protocol must be followed adjacent to your TIN Matching practice.<\/p>\n<p>\u00a0<\/p>\n\n<h3 id=\"how-does-compliancely-s-tin-matching-system-help\" class=\"wp-block-heading\"><strong>How does Compliancely\u2019s TIN matching system help?<\/strong><\/h3>\n\n<p>\u00a0<\/p>\n<p>Compliancely provides a variety of TIN Matching solutions to help you check and scale up your identity verification capacities as you grow and adapt.<\/p>\n<p>\u00a0<\/p>\n\n<p>With standard real-time TIN Matching, bulk TIN Matching and <a href=\"https:\/\/compliancely.com\/irs-tin-matching-api\">TIN Matching API<\/a> solutions, your TIN matching needs are met to suit your budget and capabilities. The best part is that you can choose to customize your TIN Matching program per your requirements so you pay only for what you utilize.<\/p>\n<p>\u00a0<\/p>\n\n<h3 id=\"how-reliable-are-compliancely-s-tin-matching-solutions\" class=\"wp-block-heading\"><strong>How reliable are Compliancely\u2019s TIN Matching solutions?<\/strong><\/h3>\n\n<p>\u00a0<\/p>\n<p>Compliancely offers real-time TIN matching solutions. This means every TIN that you check is dynamically checked per the IRS data lists to retrieve the most recent, accurate results. This enables reporting accuracy, removes the burden off your internal KYC teams, and powers your teams with automated real-time TIN checks.<\/p>\n<p>\u00a0<\/p>\n\n<p>What\u2019s more? You can opt to receive accurate TIN check reports for your bulk TIN check queries, where you receive a consolidated report of the TINs checked by Compliancely, TINs that actually matched the IRS records, and the TINs that did not match the IRS records.<\/p>\n<p>\u00a0<\/p>\n\n<p>This gives you insights into the profiles that submitted incorrect TINs and you can choose to follow up with the rejected profiles to obtain accurate TIN information.<\/p>\n<p>\u00a0<\/p>\n\n<p>Compliancely\u2019s TIN Matching enables the following:<\/p>\n<p>\u00a0<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Check 100,000+ TINs in less than a minute<\/li>\n\n<li>Get real-time TIN Match results<\/li>\n\n<li>Validate results per the official records of the IRS and SSA<\/li>\n\n<li>Improve your approval rates<\/li>\n\n<li>Accelerate TIN reporting accuracy<\/li>\n\n<li>Reduce workload on your internal teams<\/li>\n\n<li>Cut down at least 50% of the time with automated TIN checks<\/li>\n\n<li>Broaden your due diligence with competitive recommended checks and much more.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78c0406 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"78c0406\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app1.compliancely.com\/accounts\/register\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">GET STARTED FOR FREE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Lending is one of the riskiest fields to function in if you\u2019re not sure about the borrower\u2019s identities. Imagine that you are a lending company in a mid-size city. Many borrowers will approach your agency or company for a variety of lending needs. While you might have the monetary capacity to cater to these varied [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4131,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[15],"tags":[78,79],"class_list":["post-2072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-matching","tag-irs-tin-matching-service","tag-tin-matching-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lending Businesses Can Use Compliancely TIN Matching Service To Validate Borrowers - Compliancely<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/compliancely.com\/blog\/lending-businesses-can-use-compliancely-tin-matching-service-to-validate-borrowers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lending Businesses Can Use Compliancely TIN Matching Service To Validate Borrowers - Compliancely\" \/>\n<meta property=\"og:description\" content=\"Lending is one of the riskiest fields to function in if you\u2019re not sure about the borrower\u2019s identities. 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