TransUnion rolls out simpler Income and Employment Verification Process
By Megha Bhattacharya
TransUnion recently revealed that it has unveiled a new real-time service for lenders and other businesses to access verified income and employment data. The company’s Income and Employment Verification aims to offer lenders and other verifiers with access to verified income and employment data directly within the credit report. This is expected to remove the overhead of separate integration efforts and related costs and improve the consumer experience.
“The economic downturn and rising unemployment mean that financial institutions and other organizations are seeking a more complete picture of the consumer as part of their acquisition and risk mitigation strategies,” said Tim Martin, Chief Global Solutions Officer at TransUnion. “The current process is cumbersome as consumers often have to provide their own data, or lenders subscribe to separate processes – which could prohibit or slow consumers from accessing credit products and offers. TransUnion Income and Employment Verification provides a much needed alternative that improves the overall consumer experience.”
“This launch demonstrates TransUnion’s commitment to developing innovative solutions that provide consumers access to the credit and services they need and deserve,” added Martin.
The solution will be launched initially in collaboration with a US-based payroll provider, which will provide immediate access to active employment records. The partnership will also offer financial institutions with a streamlined process for incorporating income and employment verification services into their systems and to leverage this data set through a more effective alternative.
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