#USA #Atlanta #Equifax #The Work Number #Income Confirm

Equifax Introduces Income Confirm

Equifax® (NYSE: EFX), a global leader in data analytics, recently unveiled its latest product, Income Confirm. This innovative solution aims to bolster the confidence of both lenders and consumers during the credit card origination process. By merging verified employment and income information sourced from The Work Number® with the Equifax Consumer Credit Report, Income Confirm enhances how lenders assess potential applicants.

In today's fast-paced financial landscape, speed and precision are essential for creating an efficient credit card application process. Income Confirm offers lenders a more comprehensive risk assessment by providing real-time insights regarding an applicant's employment status and declared annual income. This helps expedite approval processes and aligns credit line allocations with applicants’ actual financial potentials.

Scott Collins, General Manager, and Senior Vice President of Financial Institutions at Equifax, stated, "Consumers expect a fast, streamlined process when they apply for a new credit card. Income Confirm equips lenders to make decisions based on facts, not estimates, and to optimize initial credit lines based on the consumer's true ability to pay."

The integration with The Work Number allows the sharing of crucial data points, which include:

1. Employee Name/SSN: This verifies the identity of the potential borrower, providing lenders a sense of trust from the get-go.
2. Employer Name: The current or most recent employer’s name can be extracted, allowing lenders to confirm the information provided by the applicant.
3. Employment Status: Real-time insights into whether the applicant is currently employed, ensuring that the lender is making informed decisions.
4. Annualized Income: This calculated figure gives lenders a clearer picture of a borrower’s earning capacity, helping to inform credit line assignments and tailor offerings for applicants.

By utilizing this robust data, lenders can enhance their lending strategies, benefiting from minimized risk while delivering an optimized experience for their customers. Income Confirm aims to not only enable fast approvals for credit lines but also to encourage early engagement and spending by new cardholders.

In an era where consumers demand instant results, Equifax's Income Confirm sets a new standard in the credit application space, promising to streamline processes while ensuring that lenders have access to the most accurate data available. For further details on Income Confirm and how it can optimize lending for firms, visit the Equifax official website.

About Equifax Inc.

Equifax Inc., a powerhouse in the fields of data, analytics, and technology, holds a pivotal role in the global economy by assisting financial institutions and businesses in making informed decisions. With nearly 15,000 employees and operations across 24 countries, Equifax merges technology with data insights to flourish in the ever-evolving financial landscape.

For more information about Equifax and its services, please visit www.equifax.com.