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Income and Employment Verifications

Reliable, third-party income and employment verifications

Third-party verifications

Income and/or employment information is needed, and in many cases required, in order to approve someone for credit or new employment. We have many different products to deliver this information in just the fashion you need.

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Income and Employment Verification

With consumer consent, income and employment verifications from Equifax are sourced from The Work Number®—the nation's largest database of instantly available income and employment information from more than 4,300 employers nationwide. An income and employment verification contains both basic employment information as well as detailed compensation data—wages, bonuses, commissions and overtime. If provided by the employer, the verification will also include historical payment data, and dates and amounts of the applicant's most recent and projected pay increases.

 

If your applicant's income and employment data is not instantly available, a researched verification can be immediately initiated, whereby a team of Equifax verification specialists will manually complete the verification on your behalf in as little as one to three business days.

Employment Verification

An employment verification is perfect if you just need to know where an applicant is employed, but do not need to understand their ability to pay. The employment verification includes basic job information: employer name and address, job title (when available), employment status, most recent hire date and length of time with employer.

 

Employment verifications from Equifax are sourced from The Work Number®—the nation's largest database of instantly available income and employment information from more than 4,300 employers nationwide. And if your applicant's employment data is not instantly available, a researched verification can be immediately initiated, whereby a team of Equifax verification specialists will manually complete the verification on your behalf in as little as one to three business days.

IRS Income Verification - 4506-T Tax Transcripts

Ensuring your customers' ability to pay is paramount in today's economy.  Our IRS Income Verification service is an efficient, cost-effective way to retrieve all tax transcript forms directly from the Internal Revenue Service (IRS) using taxpayer consent forms. The tax transcript provides a complete picture of all household income, including investment income as well as salary and wages.

 

IRS tax transcripts are available via streamlined fulfillment in hours through our direct connection with the IRS, and every order receives a pre-order quality check to ensure any mistakes are addressed before submission.

Self-Employed Verification

As a leading provider of researched verifications, Equifax Verification Services utilizes a uniform, consistent and auditable process in verifying the employment and income of the self-employed population.

 

Skilled agents will research the applicant's business and regulatory listings, and, if requested, can obtain information from their tax preparer. Clear, consistent documentation is recorded at every step of the way, and document images are appended to your results, enabling you to move forward with minimal delay, risk or expense.

The Work Number Alert: Portfolio Monitoring

The Work Number® Alert is part of our employment verification service. It provides continual tracking of changes in employment on your customer or client portfolio, delivered on demand per your schedule, as authorized by your agreements with your customers or clients.

 

Equifax specializes in employment information. It's direct from the source—the employer— and is as current as the last pay period.  The Work Number database houses active employment records from more than 4,300 employers nationwide, and continues to grow everyday. Monitor developing opportunities and risks, and quickly respond to changes, with The Work Number Alert.

Reverification

Verifying a borrower's employment just before loan closing has always been a good lending practice, but now, increasing regulation in some industries has elevated it to a 'must complete' step before funding. Reverification from Equifax simplifies the process and speeds up the delivery time of the verifications you need in order to close business quickly, streamline your processes and reduce your risk.

Point In Time

Point In Time™, from Equifax, assists those examining income and employment on a loan file (due to a repurchase request, for example) by providing a verification that validates the borrower's employment status and payroll income at the time the loan was closed - back as far as 2006 - to ensure the loan file matches the borrower's employer information.

 

 

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