Equifax and 700 Credit to Offer Dealers a Fully Integrated, Seamless Income and Employment Verification Solution
New, real-time integration helps dealers improve process and enables F & I managers to maximize profits
ATLANTA, June 23, 2015 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), a global information solutions company, today announced from the 2015 NIADA Convention that it has expanded its partnership with 700 Credit, to offer dealers a more advanced level of income and employment verification capabilities.
Equifax income and employment solutions are powered by The Work Number®, a Fair Credit Reporting Act (FCRA) compliant database. The Work Number provides payroll-direct income and employment information, in seconds, to banks, mortgage companies, auto dealerships, and other commercial entities when authorized by the consumer, and in compliance with FCRA regulations.
An expanded application to 700 Credit's existing verification solution will allow delivery of information earlier in the sales process in order to help dealers extend the right deal to the right buyer. Additionally, these new capabilities can help provide a higher level of detail to enable dealers to more readily satisfy lender requirements.
The advanced income and employment verification solutions enable dealerships to maximize revenue opportunities, remove obstacles in order to provide consumers with the best possible customer experience, and reduce the chances of customers or employees committing fraud.
Angelica Jeffreys, VP and Dealer Leader at Equifax says, "Our updated income and employment verification solutions will help to level the playing field for F & I managers as they work to match their customers with the most appropriate loans for their needs. Having a real-time solution that instantly provides proof of income and employment will also help to avoid sending customers home for their paystubs, which will reduce transaction time – ultimately improving customer satisfaction."
Ken Hill, Managing Director of 700 Credit stated, "In addition to worrying about obstacles that pertain to lenders, the dealers we work with also often tell us that a big challenge they face has to do with fraud. The income and employment solutions we're offering with Equifax will help to drastically reduce the risk of consumers providing false paystubs, and will help to avoid the risk of dealership employees falsifying income or employment on consumer credit applications in order to get the deal done."
Diana Rodriquez, Underwriting Manager for Best Car Buys says, "The employment verification product has enabled our dealership to verify employment in a more efficient way. We no longer have to wait to hear back from the employers' HR or payroll department to get verification of employment for final processing of our applicant's loan."
For more information about Equifax income and employment solutions for auto, please visit https://www.equifax.com/business/automotive.
About Equifax
Equifax is a global leader in consumer, commercial and workforce information solutions that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enables it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2014, Equifax was nominated as a Bloomberg BusinessWeek Top 50 company; its CIO was listed as one of the top 100 by CIO magazine; and the company was named to the Fintech 100 list, was recognized as a top 20 company to work for by the Atlanta Journal-Constitution, and was named a 2014 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com.
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SOURCE Equifax Inc.
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