Equifax and Fiserv Join to Provide Income and Employment Verification Services to Auto Lenders
Equifax 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, a business unit of Equifax, and Automotive Loan Origination System from Fiserv. Together, the solutions provide faster and more robust income and employment verifications to their 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 Fiserv customers to close deals faster,” said Scott Collins, senior vice president Verification Services 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 help to limit credit risk, while providing a tremendous value to their overall underwriting process.”
Charles Sutherland, vice president, Product Management & Strategy, Lending Solutions, 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.”
To learn more about income and employment verification services for auto lending, contact us today!
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