Equifax Workforce Solutions released the following statement after announcing that for the first time ever, the company has processed more than 34 million instant income and employment verifications in one year. This is a near 40 percent increase from last year, highlighting a significant accomplishment for Equifax Workforce Solutions.
"Passing the 34 million mark is a great milestone for job-seekers, loan applicants, consumers needing government assistance, and employers around the country, as well as for Equifax," said Craig Leabig, senior director of product management, Equifax Workforce Solutions. "It takes time and resources to track down an applicant's employer, contact that employer and wait for the response. We simplify the process for applicants across the country by providing income and employment data instantly through The Work Number service. Additionally, we leverage our extensive relationships with human resource departments at thousands of employers to streamline manual verification delivery when an applicant's information is not available instantly through our database."
Established in 1995, The Work Number service has seen steady, consistent growth, with more than 70 percent of the Fortune 500 outsourcing their employment and income verification functions to Equifax Workforce Solutions. The Work Number serves more than 3,000 employers nationwide and has more than 230 million payroll records under management. It is used not only by lenders but also by federal, state and local government agencies to maintain integrity various social service programs.
The Work Number is fully compliant with the federal Fair Credit Reporting Act (FCRA), and as such requires that:
►All verifier clients are credentialed
►A permissible purpose be provided for every verification request
►The employee-consumer has the ability to view their data file
►The employee-consumer has the ability to dispute data errors