Smart Technology Supports Streamlined Verifications for Lenders and Consumers Alike

Equifax Workforce Solutions has announced Network Verification Services as the new name for its manual/researched verifications business. Scott Maxfield, Vice President of Network Verification Services at Equifax Workforce Solutions, is answering questions about the change and how Network Verification Services is helping lenders provide consumers with the more streamlined decisioning processes they've come to expect. 

First of all, what is Network Verification Services? 

SM: Network Verification Services uses technology to automate much of the manual verification solutions, including verification of income (Network VOI), verification of employment (Network VOE) and reverification of employment (RVOE), to deliver quick, consistent results so our customers can move their business and work forward. Network Verification Services is a key part of Equifax’s commitment to providing our customers with the most comprehensive coverage available for verifications of employment and income (VOE/I). It complements the instant service provided by The Work Number®, harnessing smart technology workflows to help enable quick and efficient researched verifications for lenders as well as government social service agencies.

What does the new name signify for the business?

SM: This new name reflects the changes we’ve made in our ability to provide clients with faster, more automated results. For example, today, we meet more than 60 percent of customer requests through our proprietary automated fulfillment system, and that rate is growing as we make investments to reduce manual engagement and further improve our already outstanding turnaround times.

What innovations have you made to support more streamlined lending processes?

SM: We are constantly innovating to help our customers make faster, more confident decisions. For example, with our Priority Next Day™ and Priority Two Day™ options, Network Verification Services delivers market-leading turnaround times, returning more than 54 percent of customer results within the first two hours from initial order creation. We also offer a solution specifically designed to support verifications of self-employed individuals as well as convenient automated ordering of reverifications of employment. Our full range of Priority as well as standard verification of employment and income (VOE/I) options helps ensure that customers can obtain their verification answers in one convenient place. 

How does Network Verification Services work together with The Work Number? 

SM: Network Verification Services complements the instant service provided by The Work Number database, which is the industry-leading centralized commercial repository of income and employment information in the United States. We provide a fast and convenient option for verifications that may not otherwise be available through an automated database or that are needed in between payroll cycles. 

For more information on Network Verification Services from Equifax, please click here.