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Economic uncertainty has made assessing borrower affordability more crucial than ever. Yet, lenders continue to grapple with the complexities of verifying income and employment data, often relying on potentially inaccurate self-reported information. This leads to missed opportunities to responsibly increase credit lines for deserving customers AND increased risk of defaults.
Equifax data shows that as many as 5% of loan applicants misrepresent their income by 20% or more, potentially to increase their likelihood of approval. Furthermore, consumer finance applicants who overstated income information on loan and credit applications were more likely to be 60 days or more past due on monthly payments.
These statistics underscore the challenges lenders face in accurately assessing borrower affordability. Relying on self-reported data or even traditional verification methods can lead to a distorted view of an applicant's financial situation. This not only increases the risk of defaults but also hinders lenders' ability to identify and reward creditworthy customers with credit line increases.
In today's volatile economy, lenders need access to reliable, real-time data to make informed decisions. That's where The Work Number® comes in.
We provide instant access to verified income and employment data, directly from employers and payroll providers. This empowers you to:
When lenders adopt a data-driven approach to help assess a borrower's capacity to repay a loan, it not only unveils a clearer financial picture but also can uncover more favorable loan credit opportunities for the borrower. With employment records from over 3.8 million employers, The Work Number can provide lenders a more holistic view of applicants, which can help them make quicker, more informed lending decisions with less friction.
Don't let unreliable data stunt growth. Unlock the power of verified information and optimize your credit line increase strategy today.
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The information provided is intended as general guidance and is not intended to convey any tax, benefits, or legal advice. For information pertaining to your company and its specific facts and needs, please consult your own tax advisor or legal counsel. Equifax Workforce Solutions provides services that can help employers reduce their compliance risks. Details on our provision of these services and related support will be contained in your services agreement. Links to sources may be to third party sites. We have no control over and assume no responsibility for the content, privacy policies or practices of any third party sites or services.