CENTRIX Financial chooses LexisNexis RiskWise to verify identity and streamline loan application process

RiskWise increases accuracy and speed of applicant verification

DAYTON, Ohio, November 16, 2004 – CENTRIX Financial recently launched LexisNexis RiskWise to help increase the accuracy and speed of its loan applicant verification process to detect identity fraud. LexisNexis is an information solution provider, and CENTRIX Financial develops and manages a special auto finance loan portfolio that currently totals over $2 billion.

RiskWise InstantID enhances CENTRIX’s risk management ability and minimizes the possibility of fraud by verifying loan applicants’ information, and reducing the number of hours spent researching keystroke errors. With InstantID, CENTRIX has been able to correct, on average, more than 500 mistyped entries on loan applications each month. This helps CENTRIX streamline the loan verification process to directly benefit credit unions, which partner with CENTRIX to originate special finance auto loans. In addition, faster and more accurate applicant information helps auto dealers partnering with CENTRIX to provide loan decisions in a more timely manner, thereby enhancing customer service.

“Before choosing InstantID, CENTRIX thoroughly tested and compared InstantID to competing products,” said Howard Klemmer, Executive Vice President and Director of Operations at CENTRIX. “We found the accuracy and timeliness of the data to be the best in the industry.” “By aligning with LexisNexis RiskWise, CENTRIX offers higher levels of service and improved risk management techniques for our credit union clients at no additional cost, and can also shorten the identity verification time involved in the application process – adding value to our dealer partners,” said Klemmer.

With InstantID, CENTRIX has also witnessed a decrease in returned mail, when communicating with borrowers, due to more accurate applicant information. The company expects to see a decrease in first-payment defaults due to the improved quality of verified data in the loan application.

“Verifying identity is the most important first step in the loan application process,” said Jim Peck, Senior Vice President and Chief Operating Officer of LexisNexis Risk Management business unit. “We’re proud to work with CENTRIX and offer RiskWise InstantID, which is the only product in its space to be endorsed by the American Bankers Association,” said Peck.

InstantID works by searching multiple databases to verify and validate the authenticity of an applicant’s identity. The product is designed to work with a variety of account opening processes and is available via Web-based searches, batch-processing or through systems integration in existing platforms.

The Comprehensive Verification Index (CVI) within InstantID illustrates risk in terms of the information provided and the degree to which it is verified. It is also indicative of potential fraud risk and identity theft. The data located in the search processes is helpful for follow-up, due diligence and fraud prevention efforts taken by financial institutions.

About LexisNexis

In the United States, LexisNexis ( offers an extensive range of products and customized tools that address job-specific and organization-wide information needs, driving productivity and confident decision-making. For 30 years, LexisNexis has been an information solution provider. Through its risk management flagship products, RiskWise, PeopleWise, Banko, and Accurint, LexisNexis products help to authenticate identity, locate people and assets, enable commerce, conduct background screening, and support national security initiatives. Customers include government agencies, top law firms, and major companies in the fields of national security, financial services, collection and recovery, insurance, mortgage, telecommunications, e-commerce and retail.

About CENTRIX Financial LLC

CENTRIX Financial, founded in 1990, is a capital management and financial services firm that develops and manages products and investment strategies focused on the auto finance industry. With agreements with nearly 7,000 auto dealers and over 200 financial institutions, CENTRIX has underwritten over 125,000 loans totaling over $2.0 billion since 1998. Current CENTRIX motorsports marketing programs include its position as the Official Auto Finance Company of NASCAR among others.

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