Costa Mesa, Calif. (July 19, 2023) — In an effort to help lenders quickly and easily verify income and employment information, Experian® announced consumers can now choose to share information directly from their employers’ payroll service through Experian Verify™ when applying for credit, including mortgages, auto loans and personal loans.
The enhancement introduces Experian’s automated income and employment verification waterfall and helps lenders easily leverage both instant and permissioned technology with consumer consent to verify income and employment for over 85% of the U.S. workforce.
Why it matters
“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,” said John Tsefrikas, Senior Vice President and General Manager Experian Verification Solutions. “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.”
How Experian’s automated waterfall works
Experian’s consumer-permissioned enhancement also helps lenders obtain income and employment information for a broad range of consumers, including gig workers, contractors, government employees and more.
Many of today’s leading financial institutions, including mortgage and auto lenders, card issuers, fintechs, and more trust Experian Verify for their income and employment verification needs.
To learn more, visit www.experian.com/verify.
About Experian
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 organisations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.