Equifax reinforced its tools to serve lenders that provide auto or personal loans.

Last week, Equifax launched The Work Number Record Indicator that can deliver income and employment insights from The Work Number alongside the Equifax consumer credit report at the start of the auto or personal loan application process.

The company explained this integration can help lenders accelerate the approval process and reduce friction for both the borrower and lender.

The Work Number Record Indicator can return a response indicating whether a verification of income and employment (VOIE) is available for an applicant from The Work Number. This immediate visibility can give lenders the ability to instantly segment their workflows, fast-tracking appropriate borrowers through an automated, paperless path while proactively identifying those who may require manual documentation.

By reducing guesswork from the start of the application process, Equifax said lenders can offer appropriate loans while borrowers can benefit from a faster approval process.

Equifax said other key benefits for lenders and borrowers include:

—Enhanced decision-making: Delivers a more nuanced view of a borrower’s financial health by providing credit insights alongside an indicator of employment and income data availability.

—Operational efficiency: Allows lenders to segment applications based on digital data availability, reducing manual touches and downstream friction.

—Improved borrower experience: Reduces the need for manual document collection for many applicants, supporting quicker “right-sized” loan offers and faster approvals.

“By providing The Work Number Record Indicator for auto or personal loans alongside the Equifax Consumer Credit Report, we are bridging two critical viewpoints — the consumer’s current capacity to pay and their historical credit behavior,” said Barrett Teague, vice president of sales, auto lending at Equifax.

“This powerful combination provides lenders with the immediate clarity needed to make more informed, data-driven decisions, while delivering the seamless digital-first experience that today’s borrowers expect,” Teague continued.

Teague also mentioned The Work Number Record Indicator for auto or personal loans is the latest multi-data solution from Equifax, joining offerings including Equifax Employment Insights, which can provide auto dealers a more complete picture of a buyer’s financial profile earlier in the car-buying process, at both the pre-qualification and financing stages.

For more information about The Work Number Record Indicator, visit this website.