Complete the business verification in the Action Center
The Business Verification step is a fraud prevention method that confirms the business owner themselves applied for the loan (and not a case of identity theft) before you book the loan to your system. It is a callback to the business, made to protect your institution from fraud.
This step is optional for the financial institution to require. If required, the step appears first in the Action Steps list.
To complete Business Verification
- Open the new loan record in Program Maintenance > Action Center.
- Find the business phone number in your core system.
- Call the business and confirm that the owner or an authorized person applied for the loan. If you cannot reach the business right away, click Pending to indicate you've initiated contact with the business and are waiting a response. The Pending status notes will be sent to the borrower, so keep your notes short and neutral.
- If the business confirms application, click Complete on the Business Verification step. If the business is unaware of the loan application, click Cancel to cancel the loan.
If the call does not confirm the application
| What happens | What to do |
|---|---|
| No one answers | Leave a message and add an internal note. Click Pending with a reason such as waiting for a return call. |
| You reach someone who cannot confirm | Ask for the owner or an authorized person. Do not click Complete until the applicant confirms. |
| The owner says they did not apply | Stop. Cancel the loan, note that the owner denied applying, and follow any internal fraud process. |
For the full booking process, see Book a loan in the Action Center. To stop a loan, see Cancel a loan application.