KEY benefits of verification for the auto industry
Verification available when car buyers are shopping
Access verification information 24 hours a day, 365 days a year.
Verification can be completed in seconds
Dealers and auto lenders can adapt to changing situations and quickly capture new customers.
The credentialing process is easy
It just takes a few steps to become a credentialed verifier with access to information you need to make smart lending decisions.
Access to over 119 million active records and counting
Enable a greater number of verifications with current records and more contributors than other verification companies.
Instant Verifications Help Boost Conversion Rates
By utilizing The Work Number to verify employment and income, lenders may substantially increase conversion rates. When instantly verified by The Work Number, auto applicants are 40% more likely to be funded.*
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*Source: Equifax Internal Study of The Work Number Inquiry Data, December 2017 - December 2018 United States auto loans. Individual results may vary.
Instant Income and Employment Data: Key for Auto Lenders
Real-time income and employment data can enable faster access to credit and reduce friction for auto lenders, dealers and consumers.
Active income and employment records from over 1.2 million employers across a variety of industries.
The Work Number database offers credentialed verifiers access to more than 119 million records for verifications of income and employment.
The Work Number service fulfilled 223 million verification requests on behalf of consumers in 2020.
CONNECTIONS AND EASY-TO-USE INTEGRATIONS
We build relationships with automotive industry technology providers that help allow for a seamless user experience for verifications such as, Income and Employment Verification and Verification of Education. Learn more about working with us or see if we already integrate with your platform.
The lending landscape is currently in flux. Business leaders must prepare for more virtual exchanges and less in-person interactions. That includes the auto industry. Automated processes can help reduce friction and increase productivity.
Real-time database supported verifications can help provide auto lenders with detailed insight into borrower qualifications, while also supporting operational improvements. Recent research illustrates the value of real-time verifications by analyzing the impact of verifying a borrower’s employment and income information when applying for an auto loan.