This acquisition enhances the data that Equifax already provides to verifiers and provides another mechanism for employers to provide data to a verifications provider, Equifax said in a Monday press release.
Vault Verify provided a link to the release on the home page of its own website.
The acquisition of Vault Verify provides additional information to Equifax’s The Work Number database, including information that can help consumers when they apply for jobs, mortgages, social service benefits and other financial services, according to the release.
“Leveraging the power of our Equifax Cloud transformation, we are able to rapidly integrate Vault Verify into ongoing Equifax operations and deliver verifiers the information they need quickly and efficiently,” Equifax CEO Mark Begor said in the release.
Vault Verify, an Equifax company, is now part of the Equifax Workforce Solutions business unit, and members of the Vault Verify team have assumed roles within that business unit, per the release.
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Joe Muchnick, chief operating officer at Equifax Workforce Solutions, said in the release: “We are excited about the enhanced set of knowledge and capabilities that our combined Vault Verify and Equifax teams will be able to offer as we seek to help streamline life’s important moments through secure, efficient verifications.”
Equifax said in an October earnings report that its revenue was up 7% year over year in the third quarter, despite what it called headwinds from the U.S. hiring and mortgage markets.
During the company’s previous earnings call, held in July, Begor said that the Workforce group had seen hiring transactions slow due to economic uncertainty but had seen its government business remain positive as “states implement stronger verification requirements aligned with these new government requirements.”
In October, Equifax launched a generative artificial intelligence (AI) solution that helps lenders analyze portfolio performance, identify growth opportunities and improve decision-making through conversational data insights.
This Equifax Ignite AI Advisor solution is built on the Equifax Cloud, powered by its Amplify AI engine, and merges lenders’ internal data with Equifax’s proprietary credit and risk analytics.
