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Experian announced its expansion into employer services and the release of its new real-time income and employment verification products, Experian Verify.
The COVID-19 pandemic flooded employers, human resources, and tax professionals with record-breaking unemployment claims, stay-at-home orders, employment verification fulfillment requests and more. Now more than ever, lenders need deeper insights into their customers' financial situations.
Experian Verify supplements information from a consumer’s credit report with income and employment status to better serve consumers with limited credit histories. Although verification of income and employment is required in mortgage lending, the practice has become more common since the onset of the pandemic.
“We’re committed to helping employers, businesses, lenders, and consumers on the road to recovery from the pandemic and beyond,” said Alex Lintner, group president, Experian Consumer Information Services. “To support this, we’re building two businesses: Experian Employer Services and Verification Solutions. These businesses will create meaningful change and provide our clients with competitive options to achieve their verification needs while helping improve access to credit for consumers.”
Experian Verify provides instant access to tens of millions of active records to verify an applicant’s income and employment status in origination, account review, and pre-qualification decisions.
Celent’s senior banking analyst, Craig Focardi, said, “The value of verification of income and employment data is evident across the entire credit cycle. Celent’s perspective on the loan origination market is that borrower situations are changing and all types of retail lenders are competing with each other to attract customers. Experian Verify addresses numerous pain points: customer service, cost, and competitive issues facing financial institutions.”
Experian’s recent acquisitions of Corporate Cost Control (CCC), Tax Credit Co. (TCC) and Emptech, will also help the company transition into providing employer services. Now employers, HR, finance and tax professionals will have a cost-effective one-stop-shop to outsource complex and time-consuming tasks more quickly. These additional services provided by Experian include: electronic I-9 verification management, Work Opportunity Tax Credits (WOTC) management, unemployment claims management, as well as other tax credits and incentives.
Click here to learn more about Experian Verify.
