Equifax® and Fiserv Join to Provide Income and Employment Verification Services to Auto Lenders
Automotive Loan Origination System from Fiserv connects to The Work Number®
NEW ORLEANS, Jan. 27, 2017 /PRNewswire/ -- Equifax Inc., a global information solutions company, announced today that Fiserv, a leading global provider of financial services technology solutions, has built an interface between The Work Number®, provided by Equifax Workforce Solutions and Fiserv's Automotive Loan Origination System. Together, the solutions provide faster and more robust income and employment verifications to customers. Refreshed each pay period, The Work Number® is the largest database of income and employment information provided directly from employers and includes records from more than 75% of the Fortune 500 companies, including an increasing number of medium-to small-sized employers.
Fiserv is one of the industry's top providers of auto loan origination and servicing systems, completing upwards of 5 million originations on 18 million credit applications on its Automotive Loan Origination System last year alone. The connection to the Equifax database can allow lenders to secure income and employment data in seconds and help approve loans quicker and limit stipulations.
"Fiserv has chosen our income and employment verification solution because it provides instant access to data that can help its customers close deals faster," said Scott Collins, senior vice president Verification Services at Equifax Workforce Solutions. "These clients are already using our traditional credit and commercial data and this enhancement will provide a deeper view of a consumer's credit profile and provide a tremendous value to their overall underwriting process."
Charles Sutherland, vice president, Product Management & Strategy, Lending Solutions at Fiserv, said of the integration, "After surveying the market for a proven partner, it became evident that The Work Number® met all of our success criteria." Charles continued, "Together, these two applications aim to improve the speed and accuracy of consumer originations."
About Equifax
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 6,600 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 9,400 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.
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a global leader in financial services technology. In 2016, Fiserv was honored to be named a FORTUNE magazine's World's Most Admired Company for the third consecutive year; in 2015 the company was recognized among Forbes magazine's America's Best Employers. For more information, visit www.fiserv.com.
SOURCE Equifax Inc.
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