What Everybody Should Know About Address Verification

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    What Everybody Should Know About Address Verification
    What Everybody Should Know About Address Verification

    Recruiting an employee is a crucial decision for any company as it directly correlates to the company’s growth. Professional employees can take the company to greater heights through hard work and smart decision-making abilities. Background verification is one of the critical steps for companies to ensure that the onboarded candidate possesses the right skills and a background that complements the company’s mission and vision. 

    This check validates the information provided by a prospective candidate against the documents and evidence collected. In addition, the residential address verification checks an applicant’s address. 

    Let’s see how to address verification vendors in India

    , carry out the process, and prevent hiring the wrong candidate.

    What is Address Verification?

    It is a process of validating a candidate’s current living address through a physical visit. This also includes assessment through V-CIP KYC, which provides the live location information through GPS mapping and Geo-tagging. Address verification is carried out for employee background verification, customer onboarding, loan approval, scholarship extension, etc. Usually, a company’s HR team does it or address verification vendors in India are hired to accomplish it.

    How to Carry out Address Verification?

    There are two ways of doing Address Verification, 

    Physical Address Verification

    In this method, a field officer of the company visits the address of the candidate physically verifies the following details:

    • Members staying with the candidate and their names
    • Candidates’ tenure of stay 

    It is not full-proof, but if the location given in the address proof matches the current staying location, it is said to be reliable. Usually, a permanent address is preferred over a temporary address.

    Digital Address Verification

    The second and better method is digital address verification. Instead of the field officer physically visiting the candidate’s residence, a digital platform is used to validate the address through a laptop or mobile phone. A digital platform like V-CIP KYC will capture the GPS coordinates of the candidate’s live location, which will be verified against the furnished address by the candidate.

    Documents Considered as Proof for Address Verification in India: 

    ● Recent Bank statement which includes account holder name, address and date of issue 

    ● Utility bill payments such as electricity, gas, telephone, etc 

    ● If staying on rent, then rent agreement between landlord and tenant

    ● Credit card statements that are 3-6 months old  

    Advantages of Hiring Address Verification Vendors in India:

    ● It is cost-effective 

    ● It saves companies from hiring the wrong candidate, thereby saving the brand’s reputation 

    ● The processing time will be faster as there is a dedicated team doing it on a priority

    ● Offers protection from any legal troubles as they are licensed to carry out this process 

    Challenges for Address Verification Process:

    ● As the work from home option has become a norm, remote setups can create bottlenecks for address verification.

    ● The address format should be accurate; otherwise, incorrect data might cause discrepancies. 

    ● A trained person is needed to carry out the V CIP KYC process. 

    ● Most companies like to carry out physical address verification after digital verification, which increases the overall cost of background verification.

    Address verification is paramount to assess a candidate’s credibility before offering employment. Seeking the assistance of address verification vendors in India can help you in the long run by giving accurate results and accountability. However, the address verification step cannot be skipped and hence needs full attention to avoid fraud and tarnishing of a company’s brand value.

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