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Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer. What should be enoug
by harryh 7y ago
Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer.
What should be enough? What documentation should banks have to collect before opening, say, a credit card with a $1000 limit for a customer?
- u801e 7y agoThey should require several forms of photograph identification such as a drivers license and/or passport. That would make it more difficult to open a line of credit or get a loan, but it would definitely cut down on fraud.
- harryh 7y agoSo people without passports (roughly 2/3rds of Americans) shouldn't be able to get loans?
- u801e 7y agoAccording to https://www.finder.com/personal-loan-documents https://www.finder.com/personal-loan-documents, lenders require at least two forms of government issued identification. Also, applying for and keeping a passport requires one to pay about $110 every decade. In my experience, having a passport makes it much easier to do various things that require identification.
- ryanlol 7y agoWould it really? You can buy good quality fake scans/photos for like $50.
- u801e 7y agoPerhaps, but when the creditor/lender needs to provide proof that they interacted with the consumer and shows a copy of the faked identification as "proof", it should be easy enough for the consumer to hold the lender liable for the bad credit report.