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By Nikki Washington
When it comes to life’s milestones – from buying your first home to getting a new car with room for your growing family – consumers expect a lending process that’s seamless and efficient. To stay competitive, lenders need to be able to meet shifting consumer demands in our increasingly digital world.
Completing timely verifications during the lending decisioning process is an essential first step in doing just that, but when verifiers rely on multiple third-party partners for all their verification needs, they unwittingly add chaos and confusion to a process that can and should be seamless. Here’s how lenders can streamline the decisioning process by working with a single partner to fulfill all of their verification needs:
Over the past 25 years, The Work Number® database has become the gold standard for income and employment verifications, helping lenders and credentialed verifiers instantly verify applicants to enable faster time-to-decision. When information is not instantly available through The Work Number database, manual verifications (researched verifications) by Equifax teams complement the automated service to help keep the decision process moving forward. The research process allows verifiers to leverage millions of employers to obtain up-to-date verification information efficiently within an automated workflow.
Using different vendors for each verification process – then eventually, needing to request additional paperwork from the applicant – wastes valuable time and resources that in turn, can slow down decisioning. Rather than working with multiple vendors, lenders can save time and simplify the decisioning process by turning to one vendor that offers complete coverage for all their verification needs.
Our investments in technology and automation mean our customers benefit from premier service and quick turnaround times. And by enabling a direct waterfall process from The Work Number solution to researched verifications when needed, lenders don’t have to waste time during decisioning going from one verification provider to another. In fact, our teams are so committed to providing employment verifications at market-leading speeds, that our Priority VOE offering guarantees results within one or two business days – or there is no charge.
By working with one partner committed to your success, lenders can leverage verification solutions that seamlessly enable faster time-to-decision. Equifax’s extensive experience providing the income and employment data you need to make informed lending decisions and best-in-class automation helps lenders rest assured that working with a single partner benefits their business and the customers they serve.
Click here to learn more about how you can get all your verifications of income and employment answers, all in one place.