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The Work Number, from Equifax, on display at AFSA and NADA 2019

Employment and income solutions help reduce costly manual verifications and mitigate losses

 

Identity, employment and income verifications are an integral part of the overall transaction process with dealers and lenders, as well as loss mitigation. Equifax Inc. (NYSE:  EFX), a global information solutions company, will display at the NADA Show & Expo in San Francisco its Equifax Verification Services leveraging The Work Number® database of employment records furnished by employers – the largest database of its kind.

Employment and income verification are the most commonly requested types of verification at the dealership. The information provided through Equifax comes directly from employers and includes: employer name and address, headquarter location, job title (when available), employment status, most recent hire date, stated income and length of time with the employer.  This can help speed up the process, avoid surprises and ensure all parties are working with verified information.

Auto dealers and lenders can also leverage The Work Number database to authenticate identities using The Work Number® ID.

Key Features:

  • The Work Number ID allows users to draw upon employers' previously confirmed identity establishing processes to verify whether an applicant's SSN and name match.
  • The employee onboarding process lends itself to authenticating identity to mitigate falsification.
  • The Work Number ID provides data that has been previously validated by contributing employers.
  • The Work Number ID can be used to verify whether an SSN matches an applicant's name.

"Process efficiency, reducing time at the dealership and lowering the risk of losses through inaccurate verifications are all top-of-mind concerns for decision-makers at dealerships and lenders," said Jennifer Reid, vice president, Automotive Strategy and Marketing, Equifax Automotive Services. "In today's world of connected data sources, incorporating critical verified information into the process can help to improve the customer experience, enhance the dealer and lender relationship, as well as help get dealers funded faster."

The Work Number ID helps businesses make prompt, more informed decisions during account opening process (credit application) and may greatly reduce the cost of manual reviews.

For more information, please visit Equifax AFSA booth #201 and NADA booth #6447W.

 

About Equifax

Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. 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 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn.

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