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TransUnion introduced its real-time service for lenders and other businesses to access verified income and employment data.
The TransUnion Income and Employment Verification provides lenders and other verifiers easier access to verified income and employment data directly within the credit report, according to a press release. With the update, there is no need for separate integration efforts and according to TransUnion, this process reduces cost and improves the consumer experience.
"The economic downturn and rising unemployment mean that financial institutions and other organizations are seeking a more complete picture of the consumer as part of their acquisition and risk mitigation strategies," said Tim Martin, chief global solutions officer at TransUnion. "The current process is cumbersome as consumers often have to provide their own data, or lenders subscribe to separate processes – which could prohibit or slow consumers from accessing credit products and offers. TransUnion Income and Employment Verification provides a much-needed alternative that improves the overall consumer experience."
According to the release, TransUnion's Income and Employment Verification will initially launch in collaboration with one of the leading payroll providers in the U.S., instantly providing access to tens of millions of active employment records. Data will be updated every pay cycle to provide the most up-to-date consumer employment status and income.