To support the collective recovery of businesses and consumers, Experian today 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.
Paving the way for industry disruption
Experian’s recent acquisitions of Corporate Cost Control (CCC), Tax Credit Co. (TCC) and Emptech, and its growing network of direct payroll access deliver unique and differentiated employee records into Experian Verify and lay the foundation for the company’s bold move into employer services.
With all three entities now under one roof, Experian is unlocking their collective strength to provide employers, HR, finance and tax professionals with a one-stop-shop to outsource complex and time-consuming tasks more quickly, cost effectively and securely. Services provided by Experian include:
“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.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,800 people operating across 44 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.