Experian Enables Consumers to Share Payroll Information for Verification

Connected economy, Experian, credit scores

Experian has expanded its real-time income and employment verification offering.

The enhancement enables consumers to provide permissioned access to their payroll accounts and share information directly from their employers’ payroll service, the global information services company said in a Wednesday (July 19) press release.

“With Experian Verify, we offer lenders multiple options to easily complete their income and employment verification while helping to provide consumers with the best possible experience,” John Tsefrikas, senior vice president and general manager Experian Verification Solutions, said in the release.

This launch marks the introduction of Experian’s automated income and employment verification waterfall, which enables lenders to leverage both instant and permissioned technology quickly and accurately, according to the press release.

The verification allows lenders to verify income and employment for over 85% of the U.S. workforce, bringing a reliable and efficient solution for verifying employment and income when applying for credit, including mortgages, auto loans and personal loans, the release said.

From Experian’s automated waterfall, lenders receive an Experian Verify report in real time if the consumer’s records are available. Otherwise, Experian will automatically start the permissioned verification process, allowing consumers to share their information directly from their employer’s payroll service, per the release.

“Consumers must always consent to sharing their income and employment information with lenders through Experian Verify and, with this new enhancement, we’re helping remove the burden consumers face in providing paper documentation if a lender is unable to obtain this information in a digital and automated fashion,” Tsefrikas said in the release.

The launch of this new enhancement follows that of several other services offered by Experian.

In May, the firm introduced a FinTech-centric version of its fraud prevention network in the United States. This new iteration of the Experian Hunter data network gives users a “line of sight” into borrower activity throughout the FinTech sector to identify potential fraud risks.

Seven months earlier, in October, Experian joined forces with digital identity company Prove Identity to use identity verification tools to promote financial inclusion. This collaboration aims to help companies offer financial services to more customers, including underbanked people who may not have a credit file or lengthy data history.