Experian to Enhance OFAC Search to Include DOB
XpertOnline Testing and OFAC Enhancements Coming Soon!
By now you have likely seen the Experian bulletin announcing that they are planning to enhance their OFAC searches to require consumer Year of Birth or Date of Birth. This will assist with CFPB requirements to require more accurate consumer searches on OFAC reporting, and ensure your clients’ GSE submissions contain required OFAC criteria for loan eligibility. Click Here to read Experian’s bulletin announcing this.
We are pleased that Experian is enhancing their OFAC product to search on YOB and/or DOB. SharperLending will be tracking with Experian’s milestones for enhancing this product. We will begin validation of the enhanced OFAC access add-on in accordance with Experian’s dates for testing, which will begin Friday, April 22nd, 2022.
Once we identify if any modifications are needed for XpertOnline, we will make any adjustments and notify you of any details in an upcoming bulletin.
Stay tuned for more information on this exciting news!