MIAMI, FL--(MARKET WIRE)--Oct 31, 2008 -- Verification Bureau, a leader in fraud detection systems who helps lenders profit more by preventing fraudulent loans from getting funded, has announced the launch of a new and enhanced Social Security Number Verification system via the SSA on November 10th of 2008.

The company reported that the Social Security Verification system is an instant and paper-less solution that gathers information directly from the Social Security Administration. Lenders will get reports in real time when using Verification Bureau's Social Security Verification solution to verify the social security number of their customers.

The system makes it easy to use: submit the orders online, upload the SSN Release form, and receive results in a matter of seconds. Lenders will now be able to optimize their social security number verification efforts by cutting down the current industry's turnaround time of 2 to 3 business days to seconds. The solution also benefits lenders by helping them decrease indirect verification costs by as much as 85%. The time spent in faxing and printing is no longer necessary with the company's instant social security number verification system.

"Verifying the social security of the applicant has never been so important especially today when fraudsters are more sophisticated with their criminal techniques to commit identity fraud. We are advising our clients to include our social security number verification release form in the loan application packages. By doing so, they will be able to perform social security validations on their borrower's right from the start of the lending process and minimize this risk," said Juan Carlos Perdomo -- VP Sales for Verification Bureau.

Esteban Reyes, the CEO for Verification Bureau explained that the Verification Bureau is one of the few companies who are legally authorized by the Social Security Administration to access their database to perform social security verifications for businesses who have a legitimate need. He added, "Our FraudSafe income and social security verification solutions offer a unique value proposition that allows lenders to increase the accuracy and efficiency of their underwriting process by:

 
1.  Providing access to information directly from the government agencies
    (Internal Revenue Service and Social Security Administration)
2.  Dramatically reducing the turnaround time of their fraud detection and
    verification efforts.
3.  Increasing their ability to automate their verification processes
    through a direct XML integration."

The Social Security Number verification report also includes information from OFAC, Death Master File, and Public Records. Verification Bureau's social security verification system provides the lender with complete visibility of the applicant, which helps them make sound lending decisions.

About Verification Bureau

Founded in 2001, Verification Bureau is the leading provider of automated IRS4506T Processing and Social Security Number Validations systems. Over 2,500 clients and 18,000 users worldwide have screened over 1,000,000 loan files using their suite of verification, background screening, and fraud detection systems.

Verification Bureau offers a free program which lenders can test for a limited time. For more information log on to www.verificationbureau.com, call 877-477-4506 Ext 201, or sales@verificationbureau.com

     Contact:
     Juan Carlos Perdomo
     Verification Bureau Inc.
     Ph 786-777-0316 x 201
     Email Contact