Equifax launched two new Employment Insights solutions last week that are designed to provide a more complete picture of a buyer’s financial profile earlier in the car-buying process.

Delivered alongside the Equifax Consumer Credit Report, the company highlighted the offerings can provide auto dealers with access to verified data from The Work Number, the large centralized commercial database of employment and income information.

The Employment Insights solutions also can offer information at two different points in the auto dealer workflow  — prequalification and financing — to enable a faster, more reliable process.

By leveraging The Work Number, Equifax explained the solutions help auto dealers move beyond self-reported data to make faster data-driven decisions based on verified consumer information.

Delivered at the early shopping or prequalification stage, Equifax said Employment Insights for Prequalification can help dealers better understand a buyer’s purchasing power before a full credit application is submitted. The report includes the applicant’s calculated total annual income and active employment record and tenure, allowing dealers to:

—Understand the potential buyer’s purchasing power.

—Gain confidence in debt-to-income (DTI) and payment-to-income (PTI) calculations to offer right-sized deals.

—Tailor sales experiences based on the buyer’s verified ability to pay.

—Customize offers based on the consumer’s employment status and ability to pay.

At the financing and deal-closure stage, Equifax said Employment Insights for Financing helps dealers validate application information and reduce buyback risk. The report can combine verified income and employment data with identity validation, so dealers can:

—Verify consumer employment status and tenure for stronger confidence in stated application information.

—Route applications more precisely based on consumer qualifications including verified income and employment.

—Align deal terms with the consumer’s verified purchasing power.

“Today’s car shoppers are more price sensitive than ever, so a delay in financing could easily result in a lost sale,” said Lena Bourgeois, senior vice president and general manager of automotive services at Equifax. “This makes it critical for auto dealers to quickly receive reliable information that helps them operate with confidence and close deals faster.

“With these new Employment Insights, dealers get proven income and job data, helping them verify what consumers report themselves. This allows them to make smarter decisions, lower their risk, and create a smoother, quicker loan approval process for consumers and dealerships,” Bourgeois continued.