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Income PreCheck & Employment Verification

Did you know?

  • 27% of applicants overstate their income by over 15%
  • 15% of applicants overstate by 50% or more
  • 20% of applicants understate income by 10% or more

So how can you discern affordability early on? What if you could have instant and accurate visibility to a consumer’s financial standing, income and employment information before you work the deal?

How it Works

Instant income and employment verification helps dealers gain a more accurate understanding of a customer’s financial standing, providing information such as employer name, employment status, job title, tenure and an annualized income calculation. The Work Number, which includes payroll records from more than 6,600 employers nationwide, including more than 75% of the Fortune 500 and the majority of federal government civilian employers, is a leader in verification solutions in the auto industry.

Income PreCheck gives you instant access to employer-provided data that is as recent as the consumer’s latest paystub. With this highly current and relevant insight, you can:

  • Quickly pre-qualify a buyer for financing
  • Help move deals forward with fewer complications and last-minute renegotiations around long terms and vehicles
  • Confidently spot deliver vehicles
  • Provide a better overall customer experience

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 as likely to go delinquent on an auto loan than consumers who have a job tenure of 10 or more years.

How you Benefit

  • Quickly put together stronger deals by better understanding income and employment earlier in the lending qualification process
  • Instantly verify information on a customer’s credit application
  • Offer the best loan options with fewer obstacles and/or loan stipulations to be cleared
  • Improve the customer experience by helping buyers drive off the lot faster in vehicles they want with loans they can afford
  • Strengthen lender relationships by submitting verified consumer information
  • Make more informed decisions while minimizing  risk

If you are ready to offer a better auto buying experience that helps you put the right customer in the right car, right away with the right payments they can afford, then Income PreCheck powered by Equifax is for you. 

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