Real-time data improves lending decisions and reduces consumer burden
TransUnion unveiled its new seamless and real-time service for lenders and other businesses to access verified income and employment data.
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Risk decisions often require verifying consumer income and employment information to more completely understand a consumer’s ability to pay. Now, for the first time, TransUnion Income and Employment Verification provides lenders and other verifiers with seamless access to verified income and employment data directly within the credit report. This removes unnecessary overhead of separate integration efforts and related costs, and improves 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.”
TransUnion Income and Employment Verification is initially launching in collaboration with one of the leading payroll providers in the U.S., which will provide immediate access to tens of millions of active employment records. Data is updated every pay cycle to supply the most recent view of a consumer’s employment status and income.
The partnership provides financial institutions with a streamlined process for incorporating income and employment verification services into their systems and to leverage this highly sought after data set through a more effective alternative. This rollout marks TransUnion’s entrance into the income and employment verification market and is the first phase of a suite of solutions that will meet the evolving needs of both lenders and consumers.
“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.
