When dealing with an unknown party or person for the first time, you might need to verify certain information before extending the relationship. In such cases, you’re required to use verification forms. Your verification form should follow a format to be legally recognized.
What is the Verification Form?
A verification form is a document that is used to verify certain information from an authorized and reliable source. This source can be a person, a government agency, a bank, or any other entity. Verification in the legal context is a declaration under oath that a statement or information in question is true.
Employers often use employment verification forms to verify the information requested by other employers about their former employees. This may be part of their employee onboarding process. Banks need to process Automated Clearing House payments for which a copy of verification letter is required.
As a user of this form, you must also have the authority to verify that information and be in compliance with the law. Therefore, you must use pre-formatted verification forms that are provided by the regulators or the organizations themselves instead of creating one from scratch. Or else download it from the template library.
Types Of Verification Form
Depending on the industry, there are different types of verification forms you can use. Those are:
- Employment Verification Form
An employment verification form, also known as a letter of employment or proof of income, is a form used to verify the employment details of a previous, current, or potential employee. You must submit the form to the correct organizations in a proper format and in compliance with the local labor and privacy laws.
- Income Verification Form
The income verification form is primarily used to verify the income of a person. You can issue this form to employers, banks, or any organization that can provide income details. This form is mostly used by employers to negotiate with an employee or banks to qualify a person for a loan.
- Bank Letter Verification
For processing Automated Clearing House (ACH) payments, a bank letter verification is required to ensure the transactions are taking place with correct and eligible bank accounts. Without this, transactions may go into inapplicable accounts.
- Identity Verification
If your requirement is to verify the identity of a person, then you can use the identity verification forms.
Why Should You Use a Verification Form?
Ideally, you should use verify forms for verifying information in the legal context. With this, you can show that you are in possession of evidence that corroborates the authenticity of the information. If it was later found to be false, you could hold concerned parties accountable and necessary action. Using a verification form ensures you’re on the right side of the law.
CocoSign has dozens of ready-to-use verification form templates you can use for your own purposes. You can download and then edit as per your requirements. These are pre-formatted to match the local laws and are in full compliance.