Keep Customers from Selling Themselves Short
A common misconception in auto lending is that there’s a high propensity for customers to overstate their income. In reality, what Equifax has found is that around 25% of borrowers overstate their income while 75% actually under-report what they make. In either scenario, getting an accurate representation of employment and income data eliminates many uncertainties in the lending process and enables borrowers to be matched with the lending options best suited to their unique needs.
Often, the high incidence of income under-reporting by consumers is due to not truly knowing what they make, and thus self-reporting their take-home pay rather than gross income, or neglecting to account for incentives and overtime pay.
To learn more about Equifax solutions for income and employment verification, please download our “Trust but Verify” white paper.
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