Bank Validation Information
The RevealCheck report provides details regarding the maker's account
and helps you detect checks that may possibly be fraudulent. The report will
provide a response, which indicates the risk associated with the
bank account. CoreLogic® Teletrack™ will return one of five possible bank responses - Very
High, High, Moderate, Low or No Hit. Each response translates
to specific responses provided by the issuing bank. For example, a response
of Very High indicates that the account is closed or invalid. A response of Low indicates that the account
is open and has a positive balance. Teletrack leverages information to help reduce the risk associated with check cashing. This service is a valuable source of account information that can help you determine the risk associated with cashing a check.
Teletrack calculates the expected check digit and confirms that the digit is Valid or Invalid. A check digit consists of a single digit computed from the other digits in the Routing number contained in the MICR line. In addition, Teletrack analyzes the fractional representation of the MICR line, typically referred to as the fractional form, which is located in the top, right corner of a check. CoreLogic Teletrack reports back to you whether the fractional form is Valid or Invalid in relationship to the routing information submitted. If either of these fields returns an Invalid response, we recommend that you check the input data provided to confirm that the account and routing numbers were entered correctly.
This information will give you confidence to cash all sorts of checks...so you won't have to limit your business to only cashing payroll or government checks.