During the recent National Independent Automobile Dealers Convention, Equifax expanded its partnership with 700 Credit to offer dealers a more advanced level of income and employment verification capabilities.

Officials recapped that Equifax income and employment solutions are powered by The Work Number, a Fair Credit Reporting Act (FCRA) compliant database.  The Work Number can provide payroll-direct income and employment information to dealerships when authorized by the consumer, and in compliance with FCRA regulations.

An expanded application to 700 Credit’s existing verification solution can allow delivery of information earlier in the sales process in order to help dealers extend the right deal to the right buyer. 

Additionally, these new capabilities can help provide a higher level of detail to enable dealers to more readily satisfy lender requirements.

The advanced income and employment verification solutions can enable dealerships to maximize revenue opportunities, remove obstacles in order to provide consumers with the best possible customer experience and reduce the chances of customers or employees committing fraud.

Diana Rodriquez is the underwriting manager for Best Car Buys in Denver. Rodriquez described how the enhanced tools helped at her store.

“The employment verification product has enabled our dealership to verify employment in a more efficient way. We no longer have to wait to hear back from the employers’ HR or payroll department to get verification of employment for final processing of our applicant’s loan,” she said.

An improved experience not only for dealers like Rodriquez but also for buyers, too, is the objective Equifax wants to achieve, according to Angelica Jeffreys, who is the company’s vice president and dealer leader.

“Our updated income and employment verification solutions will help to level the playing field for F&I managers as they work to match their customers with the most appropriate loans for their needs,” Jeffreys said.

“Having a real-time solution that instantly provides proof of income and employment will also help to avoid sending customers home for their paystubs, which will reduce transaction time — ultimately improving customer satisfaction,” she went on to say.

Ken Hill, managing director of 700 Credit, also touched on another element about how this enhanced relationship can help dealers.

“In addition to worrying about obstacles that pertain to lenders, the dealers we work with also often tell us that a big challenge they face has to do with fraud,” Hill said.

“The income and employment solutions we’re offering with Equifax will help to drastically reduce the risk of consumers providing false paystubs, and will help to avoid the risk of dealership employees falsifying income or employment on consumer credit applications in order to get the deal done,” Hill continued.

For more information about Equifax income and employment solutions for auto, visit https://www.equifax.com/business/automotive.