FormFree Holdings Corporation, the leading provider of automated asset verifications, announced a new and improved version of AccountChek, its patented, award-winning solution for verifying a borrower’s assets in minutes. As part of the upgrade, FormFree has introduced the revolutionary AccountChek Asset Report, designed to be used in tandem with credit reports to create a faster, higher quality and more fraud-resistant loan process.
The redesigned AccountChek solution now includes over 1,000 proprietary algorithms, running balances, deposits and withdrawals, non-sufficient funds and large deposit notifications, and many other details, giving lenders and investors a clearer picture of a borrower’s finances and simplifying the underwriting decision process. In addition, the AccountChek borrower portal has been redesigned to make it easier for borrowers to access AccountChek on any device – from smart phones, to tablets, to desktop computers. Instructions for ordering AccountChek reports have also been revised based on customer feedback.
“AccountChek has had amazing growth over the past several years and is clearly the market leader. But to stay on top of a constantly changing market, we cannot sit still,” said Brent Chandler, FormFree founder and CEO. “We started the process internally to improve AccountChek reports with the goal to create a powerful complement to the credit report. We then worked with underwriters and investors and included their input to make our reports more meaningful and easier to use. The result is our revolutionary Asset Report. Packed with more detail and presented in a superior format, the Asset Report makes the job of verifying a borrower’s assets easier and safer than ever.”
AccountChek collects data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings for both borrowers and lenders. By eliminating the need for paper bank statements, AccountChek also helps significantly reduce buyback exposure and fraud, while also providing lenders with an easy solution for complying with new “ability-to-pay” rules.
AccountChek reports have been revised to include the following features:
- A simplified summary page highlighting large deposits, non-sufficient funds incidents and an aggregate view of multiple accounts
- Automated verification of whether the account holder’s name matches the borrower
- Historical account views going back 30, 60 and 90 days, including all deposits and withdrawals
- An encrypted digital certificate to prevent document tampering
- Ability to add accounts and share information with authorized parties
The updated reports also introduce the company’s newly trademarked “checkmark” logo, which assures lenders and investors that the report is an authentic AccountChek report.
“Only the patented AccountChek technology delivers asset data safely and securely, which is why we’ve been so enthusiastically adopted by the market,” Chandler added. “We put the checkmark logo on every report to give everyone confidence that they are looking at a legitimate AccountChek report.”