back Back

TransUnion rolls out simpler Income and Employment Verification Process

By Megha Bhattacharya

October 30, 2020

  • Transunion
  • USA
Share

transunionTransUnion 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.

Previous Article

October 30, 2020

Icon Solutions secures investment from J.P. Morgan

Read More
Next Article

October 30, 2020

Profile Software announces Bankmed’s selection of treasury platform

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Transunion

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

June 13, 2024

BCT Digital and FPT akaBot team to fuel digital innovation in SEA

Read More

June 13, 2024

Vistra & Fenergo to deliver frictionless onboarding for clients

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023