SOUTHFIELD, Mich. -

With contract holders’ ability to pay paramount, 700Credit now is offering Income PreCheck, an instant income and employment verification solution that can help dealerships verify buyers' stated income and employment.

The verification is derived by accessing The Work Number, a database of employer-provided income and employment information from Equifax Workforce Solutions.

To help dealers gain a more accurate understanding of a customer's financial standing, 700Credit explained 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 percent 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,” said 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 can provide 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 a vehicle installment contract than consumers who have a job tenure of 10 or more years.

For more information about instant income and employment verifications, visit www.700credit.com.