Once you have enabled the Equifax KYC connection on Finmo you can go ahead and request KYC verification for you borrowers in your deals.

Watch a video to learn how to request a KYC verification from Equifax.

How do I request a KYC verification from Equifax?

1. Open the deal in Finmo

2. Select "Fraud & risk assessment" from the left menu

3. Scroll down to "Equifax KYC verification"

Important

4. Make sure you have consent from your borrower before requesting the KYC. Consent can be obtained via the standard Finmo consent or by another means such as by e-sign, email, phone etc. In Finmo, if Equifax KYC is turned on for your team an addendum will be automatically added to your standard consent form. See Sample Consent below

If you have received consent another way, click on "Add consent details" and type in how you received consent and the date

Once entered click on "Save changes"

Consent details will display in each borrowers KYC verification field and can be downloaded for compliance.

5. Click on "Request KYC verification

Equifax will provide a report which will be viewable and downloadable in Finmo

The status will also be displayed as passed or failed.

FAQ's

Where do I find the consent for KYC in Finmo?

1. Click on "Fraud & Risk assessment" from the left menu

2. Scroll down to "Equifax KYC verification"

3. The date of the consent will be displayed. You can also download a copy of the digitally signed consent document by clicking on "Consent PDF.

What does consent look like for the borrower ?

Borrowers will be shown the standard consent to pull credit with an addendum added that includes KYC and PEP consent.

Borrowers are able to view the consent once signed.

You will be able to download and/or print the consent for compliance purposes You can find it in the "Fraud & risk assessment" section under each borrower's Equifax KYC verification or in the "Credit and liabilities" section.