Tag: employment verification

For credit unions, having the right income and employment verification tools in place helps to create an application process that is easy and low friction for both new and existing members. Digital first is member first The digital evolution created an expectation for online experiences that are simple, fast, and convenient. Attracting and building trusted, loyal relationships and paving the way for new revenue-generating opportunities now hinges on a lender's ability to provide experiences that meet those expectations. At the same time, market volatility and economic uncertainty are driving catalysts behind the need for credit unions to gain a more holistic view of a member’s financial stability. To gain a competitive advantage in today’s lending environment, credit unions need income and employment verification solutions that balance two often polarizing business drivers: member experience and risk management. While verified income and employment data is key to understanding stability, it’s equally important to streamline the verification process and make it as frictionless as possible for borrowers. With these things in mind, here are three considerations to help credit unions ensure their income and employment verification process creates a favorable member experience. The more payroll records, the better Eliminate friction for members by tapping into a network of millions of unique employer payroll records. Gaining instant access into a database of this scale helps enable decisions in real-time, eliminates the cost and complexity of many existing verification processes, and allows members to skip cumbersome steps like producing paystubs. Create a process with high configuration and flexibility Verification is not a one-size-fits-all process. In some cases, it might be advantageous to tailor a verification process. Make sure your program is flexible, scalable and highly configurable to meet your evolving business needs. It should also have seamless integration options to plug and play into your current operations with ease. The details are in the data When it comes to income and employment verification, make sure that you are leveraging the most comprehensive source of consumer information. It’s important that your program is powered by quality data from a wealth of datasets that extend beyond traditional commercial businesses to ensure you are getting the most comprehensive view. Additionally, look to leverage a network of exclusive employer payroll records. With both assets, make sure you understand how frequently the data is refreshed to be certain your decisioning process is using the freshest and highest-quality data possible. Implementing the right solution By including a real-time income and employment verification solution in your credit union’s application process, you can improve the member experience, minimize cost and risk, and make better and faster decisions. To learn more about Experian’s income and employment verification solutions, or for a complimentary demo, feel free to contact an expert today. Learn more Contact us

As quarantine restrictions lift and businesses reopen, there is still uncertainty in the mortgage market. Research shows that more than two million households face foreclosure as moratoriums expire. And with regulators, like the Consumer Financial Protection Bureau (CFPB), urging mortgage servicers to prepare for an expected surge in homeowners needing assistance, lenders need the right resources as well. One of the resources mortgage lenders rely on to help gain greater insight into their borrower’s financial picture is income and employment verification. The challenge, however, is striking the right balance between gaining the insights needed to support lending decisions and creating a streamlined, frictionless mortgage process. There are three main barriers on the path to a seamless and digital verification process. Legacy infrastructure Traditional verification solutions tend to rely on old technology or processes. Whether a lender’s verification strategy is centered around a solution built on older technology or a manual process, the time to complete a borrower verification can vary from taking a day to weeks. Borrowers have grown accustomed to digital experiences that are simple and frictionless and experiencing a drawn out, manual verification process is likely to impact loyalty to the lender’s brand. Stale employment and income data The alternative to a manual process is an instant hit verification solution, with the aim to create a more seamless borrower experience. However, lenders may receive stale borrower income and employment data back as a match. Consumer circumstances can change frequently in today’s economic environment and, depending on the data source the lender is accessing, data may be out of date or simply incorrect. Decisioning based on old information is problematic since it can increase origination risk. Cost and complexity Lenders that use manual processes to verify information are adding to their time to close and ultimately, their bottom line by way of time and resources. Coupled with pricing increases, lenders are paying more to put their borrowers through a cumbersome and sometimes lengthy process to verify employment and income information. How can mortgage lenders avoid these common pitfalls in their verification strategy? By seeking verification solutions focused on innovation, quality of data, and that are customer-centric. The right tool, such as Experian VerifyTM, can help provide a seamless customer experience, reduce risk, and streamline the verification process. Learn more

Experian recently announced its expansion into Employer Services and the release of a new suite of real-time income and employment verification products, Experian Verify™. The COVID-19 pandemic amplified lenders' need for deeper insights into a consumer's financial situation. At the same time, employers were flooded with record-breaking unemployment claims, while managing stay-at-home orders, income and employment verification fulfillment requests, and more. "We're committed to helping employers, businesses, lenders, and consumers on the road to recovery from the pandemic and beyond," said Alex Lintner, Group President Experian Consumer Information Services. "To support this, we're building two businesses: Experian Employer Services and Verification Solutions. These businesses will create meaningful change and provide our clients with competitive options to achieve their verification needs while helping improve access to credit for consumers." With Experian Verify, lenders can quickly and easily create a more complete picture of a consumer's financial situation by verifying an applicant's income and employment status. Powered by our growing network of payroll and proprietary employer data, Experian Verify offers lenders flexible and secure access to income and employment records. With a consumer's consent, lenders can request the information from Experian and an income and employment report can be delivered to lenders through an API, online Experian dashboard, or paired with an Experian credit report. "As we begin to recover from the COVID-19 pandemic and employers are reopening their doors, we're confident we have assembled the best-of-the-best to help employers overcome their toughest challenges. We're committed to leveraging our combined capabilities and focus on high-touch customer service to deliver secure, scalable and transparent services to employers," said Michele Bodda, President of Experian Mortgage, Employer Services and Verification solutions. Visit us for more information on Experian Verify and Experian's Employer Services. Contact us