The partnership between Experian and Corelogic will allow UK mortgage providers to use the FraudMark fraud detection model to refer and prioritise potentially fraudulent applications, while using their existing Hunter platform to manage the alerts generated.
Organisations that access FraudMark through Hunter can increase productivity and fraud detection rates by focusing available resources on the highest risk cases.
Recent analysis from Experian revealed that mortgage fraud attempts increased by 14% in 2010.
Some 32 in every 10,000 applications for mortgages were identified as being fraudulent.
Attempts typically involved individuals inflating incomes, misrepresenting their employment and personal finances or not disclosing previous addresses in an attempt to conceal an adverse credit history.
Nick Mothershaw, director of identity and fraud at Experian, said: "Increasing levels of mortgage fraud, and greater sophistication in how it is attempted, underline the need to improve identity verification and fraud prevention tools used in the application process.
“Our partnership with CoreLogic will further enhance the fraud detection and prevention capabilities available to mortgage lenders in the UK."
Peter Stimson, UK managing director at CoreLogic, added: "The increase in soft fraud types where an applicant is acting in isolation to purchase a property as well as professional mortgage fraud rings, has created an increased demand for fraud identification tools.
“Our relationship with Experian means that mortgage lenders can now access even richer data and insight, making mortgage fraud identification easier and more reliable."
