Consumers and businesses alike need access to credit and lending. But the economy is shifting – fast – and demands are, too. Decisions must be fast and accurate. Processes must be seamless. It’s a constant balancing act of trying to grow your business while keeping your risk under control.
Only 16.6% of auto loan and lease accounts were issued to subprime consumers – the lowest October year-to-date subprime share since 20101
Saying ‘yes’ to more customers is good for business and helps improve the loan ecosystem for everyone.
But how is that done?
By providing the data, insights, and technology you need to effectively predict outcomes, The Work Number from Equifax Workforce Solutions helps you expand your customer pool and make more confident decisions across the customer journey without impacting risk.
Gain a more complete view of consumers
91.5 million consumers are excluded from access to credit because of their thin or “invisible” credit files.1 But this doesn’t mean they aren’t viable prospects. Better understand their risk and creditworthiness by getting a more complete view of their employment and bill payments.
With The Work Number, you’ll get data that not only comes directly from employers and payroll providers but is updated each pay cycle and is available within seconds.
Expand access to credit to help build a more inclusive economy
Not everyone’s ability to pay is accurately portrayed by their credit score alone. Offer underserved individuals new and better opportunities through greater access to credit and financial inclusion.
The Work Number has a multi-pronged approach that includes government engagement, community outreach, consumer education, and loan decisioning policies that incorporate alternative data like income and employment information.
Leverage the right tools to deploy your decisioning policies
Streamline your decisioning process – use instant income and employment data to automate loan origination and make more informed, confident decisions. The Work Number has 144 million active income and employment records that help you reduce decisioning time from days to seconds.
To learn how The Work Number can help you say ‘yes’ to more customers, boost your business, and improve the loan ecosystem for everyone, download the full eBook or contact us.
Resources:
1 Equifax Auto Trends, 2022
