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Identity Verification for Investors

What is identity verification?

For the safety and security of the marketplace, it is important that IRESE makes every effort to ensure that all companies and individuals participating in the marketplace are:

1) a real person or a company, and
2) the same person or the same company they say they are.

To this end, IRESE takes extra care in verifying the identity of all Brokers, Property Owners, Investors and Market Makers.

Why do I have to have my identity verified?

Identity verification is important for all Investors for the following reasons:

  • Tax reporting: IRESE is required to report Investor income to the IRS.
  • Anti-money laundering regulation: To meet regulatory requirements, IRESE is required to collect the Social Security number, date of birth, and street address for the primary responsible party on the Investor account. For an International Investors, we require a passport of the Authorized Representative (who signs the docs).

What does it take to get verified?

When you register as an Investor, IRESE will collect the primary responsible party Social Security number, date of birth, driver license number, address and telephone numbers to verify your identity against data from credit reporting agencies and other identity and anti-fraud verification databases. Based upon this and other data, IRESE will verify your identity.

For an International Investors, we require a passport of the Authorized Representative (who signs the docs)

If you are a company who has a U.S. bank account and Business Employer Identification Number (EIN) you will be asked for additional information:

  • Articles of Incorporation
  • Form W9
  • Certificate of Authority for your primary representative
  • Copy of a driver's license or state ID card for your primary representative. For an International Investors, we require a passport of the Authorized Representative (who signs the docs).

Will this process affect my credit score?

No. Because we have your permission to obtain your credit report, our request is considered a "soft pull", viewable only by you, and will not affect your credit score. Read below for the full details.

Although we are making a request for your credit report, we are doing so at your instruction, so no inquiries viewable by subsequent users of your credit report will be placed in your Kroll ( credit profile. That means your credit score won't be affected. An inquiry visible to others will only be placed in your credit profile if you obtain a financing through IRESE as a property owner.

What if I don't pass identity verification?

There are some cases in which real, legitimate people and companies don't pass the IRESE identity verification process. If you are who you say you are, there is a possibility that our information about your identity is erroneous, in which case we will contact you and may ask for faxed proof of identity before allowing you to continue as an Investor.

What if I have a freeze on my credit report?

If you have asked a credit reporting agency to put a freeze on your credit report, IRESE will not be able to automatically verify your identity. We will follow the instructions on the credit report freeze and contact the relevant parties before verifying your identity. If you would like to avoid this step, you can contact a credit reporting agency or fraud alert company to have the freeze removed.

I got through identity verification, what's next?

Once you've passed identity verification, you should add your bank account to IRESE so that you can transfer funds for bidding and trading. Learn more about transferring funds to IRESE.

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