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Questions and Answers
What is the primary purpose of Residence/Neighborhood Verification?
What is included in the verification of the applicant's residence?
What is the purpose of determining the applicant's length of stay in the address?
What is included in the verification of the applicant's business information?
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What is the purpose of determining the applicant's household appliances and vehicles?
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What is the purpose of determining the number of children and the school they are attending?
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What is the purpose of conducting employment verification?
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What aspect of the client is determined through trade and bank verification?
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What does checking the business premises aim to verify?
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Which information is NOT typically gathered through employment verification?
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What is the primary purpose of confirming the nature of a business during verification?
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Why is it important to inquire about the paying habits of the client from the building administrator?
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Study Notes
Field Verification
Residence/Neighborhood Verification
- Verifies applicant's residence address and locality
- Conducted to gather information on applicant's background and reputation
- Verifies:
- Applicant's and spouse's correct names, ages, and citizenship
- Children's names, ages, and school attendance
- House description, lot and floor areas, and ownership status
- Length of stay at the address
- Vehicle ownership and household appliances
- Client's character and reputation in the neighborhood
- General living condition and type of neighborhood
Business Verification
- Verifies information related to the applicant's business
- Conducted to:
- Confirm the nature of the business and its legitimacy
- Determine the business's profitability and exact address
- Verify business registration with government agencies
- Check business history, including:
- Date of organization
- Years of operation
- Number of employees
- Major products/services
- Major customers/clients
- Suppliers and bank accounts
- Check the neighborhood to determine the client's character
- Verify financial information from accountants or owners
- Check business premises, ownership, and condition
Employment Verification
- Gathers information related to the applicant's job
- Conducted to:
- Determine employment status
- Verify length of stay with current employer
- Confirm position and compensation
- Confirm client's residence address
Trade and Bank Verification
- Determines the client's character and paying habits
- Conducted to:
- Verify applicant's bank accounts, including:
- Account types (current or savings)
- Account opening dates
- Average daily balance (ADB)
- Present balance
- Account status (active or dormant)
- Check the bank's experience in dealing with the applicant
- Verify applicant's bank accounts, including:
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Description
Explore the process of field verification, including residence and neighborhood verification. Learn about the importance of verifying applicant details like names, ages, and citizenship through interactions with neighbors and store owners.
