What if you could remove sales blocks and eliminate buy-backs instantly while working a deal? 700Credit and Equifax are pleased to announce the release of a new service for dealerships to immediately verify income and employment for your customers while they remain in the store. Equifax’s Verification Services improve the customer experience and speeds the funding process by enabling dealers to complete the transaction without interruption or delay.
Too often, when the deal is ready to close and buyers leave the showroom intending to return with pay stubs to fulfill the lender stipulations, they don’t return. With Employment Verification, dealers can fulfill the proof of income stipulation while the buyer is still in the store and excited about their new car.
Verification Services from Equifax provide basic employment information about a person’s job: employer name, job title, employment status (active, inactive), most recent hire date, length of time with the employer, as well as current year-to-date plus two years of payroll income. The income information can contain wages, bonuses and commission.
“According to Equifax research, almost 25% of borrowers inflate their stated income on car loan applications by 15% or more – leading to increased possibility of charge offs and delinquencies,” says Michael Kuentz, Senior Vice President of Equifax Verification Services. “Income and Employment Verification pulls from our national database of more than 55 million employment records and greatly reduces the potential pitfalls from misstated income. This serves the dealer and lender by expediting the sale and gives the buyer a better, more confident experience at the showroom.”