Experian Launches New Income And Employment Verification Solutions

To support the collective recovery of businesses and consumers, Experian announced its expansion into Employer Services and the release of its 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, human resources, and tax professionals were flooded with record-breaking unemployment claims, 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.”

Improving financial outcomes by verifying income and employment status

Supplementing information from a consumer’s credit report with income and employment status can create greater opportunities for consumers while helping lenders extend credit responsibly. Experian Verify is designed to improve borrowing experiences and support consumers with limited credit histories by empowering lenders to verify income and employment status in real-time.

While verification of income and employment is required in mortgage lending, the practice has become more common across other types of unsecured lending since the onset of the pandemic.

“The value of verification of income and employment data is evident across the entire credit cycle,” said Celent’s Senior Banking Analyst Craig Focardi. “Celent’s perspective on the loan origination market is that borrower situations are changing and all types of retail lenders are competing with each other to attract customers. Experian Verify addresses numerous pain points: customer service, cost, and competitive issues facing financial institutions.”

With Experian Verify, lenders can create a more complete picture of a consumer’s financial situation quickly and easily. The products provide credit card, personal loan, auto and mortgage lenders as well as tenant screeners and employment screeners with near-instant access to tens of millions of active records to verify an applicant’s income and employment status in origination, account review and prequalification decisions.

Powered by Experian’s growing network of payroll and proprietary employer data, lenders have flexible yet secure access to income and employment records through Experian Verify. 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.