How a Diversified Data Strategy Can Help Card Issuers Restore Credit Line Increases – and Boost Revenue
The Financial Service industry has seen massive regulatory and financial impact on their business in record time. Now under the purview of Regulation Z, “Ability to Pay” guidelines, verified assets and obligations are required for borrower evaluation. And, instant pre-screen for credit is no longer valid if not accompanied by verified ability to pay. The good news: with tighter documented loan applications comes increased investor confidence and lower risk of fraud and default.
A single 3rd party provider, like Equifax Verification Services, can support uncovering the "ability to pay" and policy change, while allowing you greater transparency into your lending risk. Instantly verify your applicant's identity, assets and ability to pay, including their ongoing risk of default. Leveraging The Work Number Equifax provides you with a suite of solutions using "real" sources of data: the Employer, the IRS, the SSA and deposit accounts. We bundle our solutions and provide you with the information you need to qualify for quality loan manufacturing from a single user log-in.
Validating your borrower’s application, prior to lending, using independent 3rd party verified information is the new mantra. Let Equifax be your trusted partner to deliver increased lending capacity, in compliance, with confidence.
Income & Employment Verification
Reverify – Closing Verbal VOE
Point In Time – Retro Income Verification
IRS Income Verification – 4506-T Tax Transcript Fulfillment
Identity Assessment & Authentication
The Work Number Alert – Portfolio Monitoring
The Work Number Select – Portfolio Segmentation
Employment Indicator – Portfolio Segmentation