Equifax Introduces First-in-Market Mortgage Solution that Delivers Credit Report Alongside Employment Status from The Work Number®
Equifax Introduces First-in-Market Mortgage Solution that Delivers Credit Report Alongside Employment Status from The Work Number® |
| [20-March-2025] |
The Work Number® Report Indicator Delivered with Equifax Credit Report Provides Quicker Insights on Consumer Creditworthiness Alongside Employment Status to Accelerate Mortgage Qualification Early in the Lending Process ATLANTA, March 20, 2025 /PRNewswire/ -- Equifax® (NYSE: EFX) has launched a new solution, The Work Number® Report Indicator, enabled by the Equifax Cloud™ to empower lenders by delivering a first in market Equifax credit report with an indicator of employment status earlier in the mortgage qualification process.
Today's competitive lending environment requires a fuller view of consumers' financial profiles, and Equifax is committed to supporting the mortgage industry through an extensive set of data-driven solutions. The Work Number Report Indicator notifies mortgage lenders upfront if an applicant has a verification of income and employment (VOIE) record on The Work Number database. Delivering this information alongside its mortgage prequalification credit report, Equifax is enabling mortgage lenders to instantly obtain information about both an applicant's creditworthiness and employment status. This innovation is enabled by the company's more than $1.5 billion technology and data transformation into the Equifax Cloud. Central to the Equifax Cloud is the custom Equifax data fabric, an adaptable data platform that unifies the enterprise's data (from over 100 siloed data sources) in a single, virtual structure, while enabling critical data governance measures, including data segregation, and maintaining compliance with regulatory requirements. The ability to leverage the power of multiple unique Equifax data assets through data fabric enables lenders to have a better understanding of an applicant's creditworthiness, while also meeting high consumer expectations for a more efficient and streamlined process. "At Equifax, we strive to create unique solutions that will move the mortgage market forward by offering greater levels of visibility into a consumer's financial health, streamlining the mortgage underwriting process and allowing more consumers to benefit from homeownership," said Joel Rickman, General Manager and Senior Vice President of U.S. Mortgage and Verification Services at Equifax. "While traditional credit reports remain a strong indicator of creditworthiness, we believe more data drives better decisions. By leveraging the power of the Equifax Cloud to include an indicator of VOIE availability upfront alongside the credit report, we enable lenders to have a more complete picture of a consumer's financial profile earlier in the process." The Work Number Report Indicator enables lenders to:
The Work Number Report Indicator alongside the mortgage prequalification credit report provides benefits for the borrower as well as the lender. Borrowers benefit from the freedom to explore loan options without impacting their credit scores. When a VOIE is available, borrowers will not need to provide pay stubs or W-2s and can be fast-tracked through the process. If a VOIE from The Work Number is not available and paper documentation is required, document requests can be streamlined. Altogether, this helps provide for a streamlined lender process and an enhanced borrower experience. Through The Work Number database, Equifax is the industry-leading commercial source of consolidated employment information in the United States. This data can help credentialed verifiers with a permissible purpose — such as mortgage lenders — instantly verify potential borrowers' employment and income, enabling a streamlined mortgage process. For more information about The Work Number Report Indicator, please visit our website. ABOUT EQUIFAX INC. FOR MORE INFORMATION:
SOURCE Equifax Inc. | ||
Company Codes: NYSE:EFX |
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