Consumers expect immediate results in a digital world, and the loan process is no exception. As a lender, real-time data from The Work Number® gives you fast, low-friction verifications to help provide the seamless applicant experience they expect.
Stop using slow, outdated paper-based processes. Instead, speed up the loan origination process by implementing automated digital verifications from The Work Number to achieve a faster, more consistent, and better-informed loan decisioning process.
If you can quickly assess an applicant’s full financial capacity to repay a loan, you’ll have greater confidence to take on risk. With The Work Number, you can quickly access data provided by employers, for a more holistic view of each applicant’s financial picture — potentially allowing you to say "yes" to more applicants.
The Work Number data is backed by the cloud. So, lenders like you can securely get the data you need. Lenders who leveraged automated income and employment data from The Work Number and a traditional credit score saw a 46% lift in conversion rates across all credit bands compared to lenders who did not.**
To learn more about The Work Number from Equifax Workforce Solutions, download the full PDF or contact us.
*Equifax Internal Data Study, 2022. Results may vary.
** US non-farm payroll: Non-farm payroll is a term used by the Bureau of Labor Statistics, and is a statistic that represents how many people are employed in the US in manufacturing, construction, and goods companies. Non-farm payroll excludes farm workers, private household employees, or non-profit organization employees. Data referenced here is based on EFX data and BLS data as of June 2022.