This new offering, Income Confirm, integrates data from the company’s The Work Number database with an Equifax Consumer Credit Report, according to a Monday (Jan. 26) press release.
Income Confirm is designed to strengthen lenders’ decisioning confidence during the credit card origination process and help them better customize credit card offerings for applicants, according to the release.
The product provides, where available, employee name and Social Security Number, current or most recent employer, current employment status and calculated annual income, per the release.
“Income Confirm equips lenders to make decisions based on facts, not estimates, and to optimize initial credit lines based on the consumer’s true ability to pay,” Scott Collins, general manager and senior vice president of financial institutions at Equifax, said in the release. “This supports a smoother, faster experience for applicants, and can also help drive early new cardholder engagement and spend.”
Equifax said in November that it gained additional information for The Work Number database by acquiring Vault Verify, a company that offers services that include employment and income verification. Equifax said the acquisition enhanced the data that it already provided to verifiers and offered another mechanism for employers to provide data to a verifications provider.
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The company launched a generative artificial intelligence solution called Equifax Ignite AI Advisor in October, saying it helps lenders analyze portfolio performance, identify growth opportunities and improve decision-making through conversational data insights. This tool merges lenders’ internal data with Equifax’s proprietary credit and risk analytics, and allows financial institutions to interact with data through natural language queries and visual dashboards.
Equifax CEO Mark Begor said in July that the company had seen momentum in demand for verification for consumer lending and the government sector. Begor said the government business had been positive as “states implement stronger verification requirements aligned with these new government requirements. This includes our new workforce solutions integrated complete income solution that will support states’ ability to validate income through The Work Number and validate other sources of income such as gig work [and] self-employed wages.”
