ATLANTA, Oct. 24, 2016 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), a global information solutions provider, today announced an alliance with FormFree, an automated asset verifications solution provider. Equifax and FormFree are exploring options for FormFree to provide asset verification services concurrently with Equifax's provision of employment and income verification services.
"The alliance between Equifax and FormFree is supporting a revolution in the mortgage industry and raises the bar in terms of what lenders should expect as it relates to speed of the verifications process," said Craig Crabtree, general manager of Equifax Mortgage Services. "In today's mortgage marketplace, we are developing a gold standard with our efforts to provide a single platform for our customers to order asset employment and income verification services."
Equifax and FormFree are discussing the development of integration points for lenders to access the asset, employment and income information. It is expected that Equifax will enable lenders to easily order this information through a web-based platform. The provision of asset, employment and income information may help eliminate the need for many borrowers to collect, copy and submit paper statements. Additional details regarding the alliance between FormFree and Equifax will be made available in the future.
"AccountChek pioneered automated verification of assets, much like Equifax did with employment and income verification. By eliminating paper from the process and providing a more intelligent analysis of a borrower's ability to repay, we are ushering in a new era in lending," said Brent Chandler, CEO and Founder of FormFree. "Direct-source data leads to greater purchase certainty — there's no denying it. The combination of these two solutions is a signal to the industry that the next stage of the digital mortgage evolution is here."
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.
Leading lenders trust Athens, Georgia-based FormFree to deliver automated verification solutions that streamline the loan origination process and provide better intelligence on borrowers' ability to repay. FormFree's flagship app, AccountChek™, eliminates the hassle of collecting paper statements from borrowers by using direct-access data untouched by human hands to consolidate, analyze and verify assets. Lender tested and GSE approved, AccountChek securely delivers automated asset verification data and on-demand reports to more than 300 leading U.S. lenders and their millions of customers. FormFree was named one of American Banker magazine's "Top 10 Tech Companies to Watch" in 2015.
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SOURCE Equifax Inc.