Income & Employment Verification
Verify your customer’s income and employment in real time.
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:
- Employer name
- Employment status and job title
- Annualized income calculation
Now available with permissioned payroll account access
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.
This new enhancement:
- Increases hit rates by expanding coverage to employers not currently contributing to the instant employer payroll network.
- Expands reach by helping verify a broad spectrum of consumers, including contractors, gig workers, government employees, etc.
- Reduces customer abandonment by helping dealerships keep customers engaged in their digital channel when instant verification is not available.
How you Benefit
- We bring two great data sources – Equifax’s The Work Number® and Experian Verify™ together in one solution. Hit rates with the combined solutions are at and above 60% and dealers only pay when there is a hit.
- Reduce risk and enhance your lending decisions to confidently say yes to customers.
- Accelerate conversion and streamline your decision process to approve customers faster and more conveniently.
- Eliminate friction in the F&I office creating a better customer experience.
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.
Ready to get started?
Fill out the form and a 700Credit representative will contact you within 24 hours to get you activated as quickly as possible.