National Fraud Database Effective

Experion recently released results of a detailed study it says proves the effectiveness of the National Fraud Database. The database is the only national repository of verified fraudulent credit application activity. Its members, which come from a variety of industries, including financial services, telecommunications, automotive, and retailing, can access the database online during the credit approval process.

Experion's study, which was conducted by its own statisticians and analysts, found that applications that matched to the database were at least 7 to 12 times more likely to become frauds than other applications. In one test, fraud rates on matches with the database were as high as 90 percent. One creditor reported that had it used the database, it would have saved almost one million dollars it lost to fraudulent activity. For more information, visit www.experion.com.

Copyright © 2003 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 2, 4/30