ATLANTA — Equifax Inc. announced today 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.
“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,” Angelica Jeffreys, vice president and dealer leader at Equifax. “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 at 700 Credit, added: “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.”
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Originally posted on F&I and Showroom