Experian launches verification service to support accurate lending decisions
By Joy Dumasia
Experian launches new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report is the first digital verification service that allows consumers to digitally share their payroll information with another organisation. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure, in a matter of seconds.
Work Report is part of a suite of configurable verification services Experian provides. It enables consumers to confirm their identity and consent to share verified credit information, income, and expenditure in single data exchange. Additional to Work Report, as part of the suite, the services include an Employer Search Engine powered by the UK’s first National Employer Database (NED), a single source of verified employer names, covering 99% of all UK employees. This can accurately capture and standardise relevant data and enables verified employment information to be collected to inform a credit decision.
The launch of Work Report takes Experian’s verification services beyond Open Banking connectivity with the ability to now connect to payroll providers directly, helping more organisations provide faster, more accurate and bespoke decisions online. It signals Experian’s commitment to supporting the UK government’s Open Finance initiative, enabling consumers to take control of their personal financial information, share verified data with third parties, and get quicker access to better value financial services.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said: “There is an ongoing requirement for people to share their personal financial information to access services whether that’s applying for a mortgage, a new job or renting a new property. Work Report enables people to share their payroll data quickly, conveniently, and securely with their consent. It helps them to get access to better value services and proactively manage their financial lives. We’re excited to be playing such a significant role in moving these processes into the digital age.”
IBSi Daily News Analysis
March 22, 2023
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