In this Partner Spotlight, we’re focusing on Equifax Workforce Solutions, a leading consumer reporting agency and provider of alternatives to credit data, including innovative products from The Work Number®.
June Nelson, Customer Success Director at Equifax Workforce Solutions, shares details with us.
How long have you been a partner with Zoot?
In September 2018, Zoot started collaborating with Equifax Workforce Solutions to make income and employment solutions from The Work Number® available to its customers.
Why did you choose to partner with Zoot?
Equifax is dedicated to helping consumers live their best financial lives. In a digital world, that means enabling speed to decision with limited customer friction, all while providing the best consumer experience possible. The Zoot LOS system for lenders delivers in these areas making them the ideal partner for Equifax.
How does The Work Number® work?
Utilizing The Work Number® database, Equifax provides differentiated and proprietary data that can help give companies a more holistic view of applicants.
We are the market leader for income and employment verifications via the largest commercial repository of payroll information in the United States. More than 1 million employers contribute income and employment information each pay cycle.
What specific issues do Equifax solutions like The Work Number® address?
With income and employment information, verifiers can obtain a broader understanding view of a consumer.
What makes those solutions unique?
The Work Number® provides third-party verifications for income and employment information provided directly from over one million employers. Through continued new partnerships and acquisitions, the number of active data records will continue to grow.
What problems do they solve?
The Work Number® income and employment product suite is tailored to fit customer needs within the loan life cycle. Specifically, our solutions target and can help in the following areas:
- POS – Better understand and qualify your applicant and validate consumer identity.
- Loan Underwriting – Comprehensive and up-to-date income and employment data solutions and tools to help with underwriting decisions.
- Account Management – Understand and quantify portfolio risk and monitor high risk consumers for changes in employment status.
- Collection & Recovery – Stay ahead of default and develop strategies to help with segmentation and treatment.
Who is a good fit for your solutions?
Solutions offered by The Work Number® benefit organizations from a wide range of industries including:
- Consumer finance
- Credit card
- Insurance (home and auto)
- Mortgage & housing
What is the main benefit that joint clients will see?
Across a variety of industries, The Work Number® products help to increase speed, create efficiencies, and improve access to important verification information.
What trends do you see that joint clients should be thinking about?
Among the many challenges 2020 brought companies, the need to provide a contactless way for consumers to engage with their business quickly became a priority. As our country begins to reopen, consumers recognize that applying for products and services via their computers, tablets, and mobile phones is a more convenient way to conduct business and now expect that same ease of use to continue.
Anything else you’d like to share?
Our digital verifications offer instant data without additional action from the applicant. Paperless data that flows directly into automated underwriting and benefits decisioning platforms to credentialed verifiers can help ease customer and administrative burdens.
Equifax offers reliable, robust and secure solutions to meet your verification needs. We are the preferred provider to more than 70,000 credentialed verifiers including lenders, credit issuers, and government agencies.