Powered by The Work Number® from Equifax Workforce Solutions, a business unit of Equifax Inc., the new Income PreCheck product can help auto dealers verify consumers for financing
SOUTHFIELD, August 1, 2017 –700Credit is pleased to offer Income PreCheck, an instant income and employment verification solution that can help auto dealerships verify a car buyers’ stated income and employment by accessing The Work Number®, a database of employer-provided income and employment information from Equifax Workforce Solutions, a business unit of Equifax Inc.
To help dealers gain a more accurate understanding of a customer’s financial standing, instant income and employment verifications provide information such as employer name, employment status, job title and an annualized income calculation. The Work Number, which includes payroll records from more than 8,500 employers nationwide, including more than 82% of the Fortune 500 and the majority of federal government civilian employers, is a proven verifications solution in the auto industry.
“Being able to verify income and employment information at the front end of the finance process improves the consumer experience by making the transaction process seamlessly with fewer roadblocks to financing”, says Ken Hill, Managing Director of 700Credit. “Knowing a consumer’s exact income helps determine their eligibility for financing. A dealership’s F&I Manager can work with the buyer to come up with the appropriate terms and conditions of a loan that meet lender guidelines and fit the buyer’s budget” Hill added.
In addition to confirming basic income and employment information, dealers can use verifications to view job tenure, which provides additional insight into repayment risk beyond what a credit score alone reveals. Equifax research shows that consumers whose job tenure is one year or less are almost twice more likely to go delinquent on an auto loan than consumers who have a job tenure of 10 or more years.
For more information about instant income and employment verifications, please visit our website at www.700credit.com.
700Credit is the automotive industry leader for credit, compliance, prescreen and consumer pre-qualification solutions. Products and services offered include: Credit Reports from all three bureaus, OFAC, Adverse Action and RPBN compliance and fraud detection. Soft-pull solutions include both dealer and consumer (web-based) facing options. 700Credit was created to provide its clients with the highest quality data in the most time efficient manner possible. Our products and services improve service levels and provide excellent value, seamless integration and the best workflow in the industry.
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