Equifax announced that defi SOLUTIONS through its cloud-based loan origination system is now offering its automotive finance company clients access to income and employment verifications through The Work Number,  a proprietary database of employment and income information owned by Workforce Solutions, a business unit of Equifax.

By leveraging The Work Number database of more than 245 million employer-direct payroll records, of which more than 58 million are active, defi SOLUTIONS clients can gain a competitive edge in the marketplace through access to unique income and employment data that is updated with each pay period.

This availability can enables finance companies to more effectively reduce risk and mitigate fraud, as well as better refine risk level assignment and reduce stipulations to accurately reflect applicants’ true credit-worthiness. 

“Accurate and fast access to income and employment verification offers a significant advantage for many lenders – as they can offer faster approvals with fewer stipulations.  Funding time can also be reduced significantly with integrated and automated income verification offered by The Work Number,” said Lou Loquasto, the auto finance vertical leader at Equifax Automotive Services.

“defi clients seeking higher efficiencies and accuracy in this competitive market are finding that integrated access to The Work Number allows them to offer a more competitive program with faster funding which is valued by dealers and consumers,” continued Loquasto, who also will be one of the featured speakers at the SubPrime Forum on Nov. 10 through 12 at the Red Rock Casino, Resort and Spa in Las Vegas.

Stephanie Alsbrooks, chief executive officer of defi SOLUTIONS added, “The Work Number integrated in defi LOS puts our clients a few clicks away from being able to leverage industry leading data.

“This supports our plan to offer defi clients the most efficient and configurable LOS on the market,” Alsbrooks went on to say.