700Credit is pleased to introduce our new and improved Income & Employment Verification platform Income Precheck, which combines the power of Experian’s Verify™ product with The Work Number® from Equifax to deliver more insight into your customer’s income and employment position while greatly improving our hit rates to over 60%.
Loan application misrepresentations — such as employment fabrication, income manipulation – are a growing source of source for dealerships today. In a recent survey of over 700 dealerships, 89% saw an increase in loan application fraud in the past 12 months with over 33% reporting that one in every 100 applications at their dealership was fraudulent. And 53% of those surveyed stated that income and employment manipulation was their #1 concern today.
Income Precheck helps dealers gain a more accurate understanding of a customer’s financial standing, providing information including:
Through the Experian Verify™, dealership customers can access their payroll accounts and share information directly from their employers’ payroll service so you can maximize coverage and verify income and employment for customers in real time.
This enhancement introduces Experian’s automated income and employment verification waterfall, which blends the power of instant and permissioned verification into one seamless experience for you and your customers.
If you are ready to offer a better auto buying experience that reduces steps and keeps the customer in the store, then Income Precheck is for you. Please fill out the form below.