Frequently Asked Questions: Identity Verification and KYC
Why do we verify applicants’ identities?
How does HFD perform identity verification?
How does real-time identity verification affect patients when they apply?
Does real-time identity verification affect HFD’s 99%+ approval rate?
Are providers expected to do anything to prepare for real-time identity verification?
Why do we verify applicants’ identities?
As with other financial institutions, HFD and its partners must meet the legal requirements to verify a customer’s identity to ensure the person applying for a payment plan is who they claim to be. This allows HFD to properly assess risk and prevent fraud.
👉To learn more about KYC, click here.
How does HFD perform identity verification?
HFD is currently moving to an enhanced, real-time identity verification process through a phased approach. This will allow HFD to maintain the highest of standards when it comes to compliance with federal regulations and adherence to KYC requirements.
How does real-time identity verification affect patients when they apply?
Patients who do not pass the KYC check will receive a decline message at the time of application stating that HFD could not move forward with their application because we couldn’t verify their identity. They are encouraged to reapply with accurate information if this seems incorrect or there was a known error. Patients should double-check that their Social Security Number (SSN) and other Personal Identifying Information (PII) has been entered accurately to the best of their knowledge, and matches the information listed on common KYC documents.
Does real-time identity verification affect HFD’s 99%+ approval rate?
No, HFD’s approval logic and approval rate will remain the same with the enhanced experience. The change only affects how identity verification is handled within the application process, which will continue to improve through the rollout of updates.
Are providers expected to do anything to prepare for real-time identity verification?
No, no action is needed from providers at this time.