ID Theft Worksheet and Out of Wallet Questions

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An ID Theft worksheet is directly connected to the Red Flags Rule it allows you to further confirm the identity of a prospect. A typical format spanning across the industry provides basic interview questions based on suspicious behavior, potentially forged information, and other obvious tell tale signs of ID Theft. Once you have performed your due diligence, if suspicion still exists, some solutions provide for “Out of Wallet” questions to further assist in verifying the consumer’s identity.

An ID Theft questionnaire is typically found in an ID Theft worksheet format and provides basic questions designed to help prove the identity of the credit applicant.  It is the responsibility of the individual running the credit report to perform beyond a reasonable doubt, their due diligence proving the accuracy of the information the applicant applying for credit has provided.

The Out of Wallet questions are pulled from the credit reporting agency data, and other data sources, and may vary from case to case.The Out of Wallet questions are designed to not typically be answerable by someone who may have stolen identity via credit card or the contents of a purse or wallet.

Out of Wallet questions should be performed on any applicant the individual / running the credit report considers, even slightly, an ID Theft risk.