ATLANTA, Nov. 2, 2010 /PRNewswire/ — The Work Number announced today the introduction of new services and enhanced functionality within its industry-leading outsourced verification solution.
Following the recent introduction of the industry’s first automated retro income verification solution, Point In Time™, the company has launched two new automated products : AuditChek(SM) and AccountChek.
AuditChek enables lenders to computerize the direct retrieval and authentication of previously executed 4506-T tax transcripts, SSA identity verification and proof of employment and income using The Work Number, and to make that information available throughout the loan life cycle, or within a broker network.
AccountChek was developed to automate the process of deposit and asset verification, providing an electronic confirmation of a borrower’s account balance and analysis of transaction history – without the direct manual interaction of the borrower’s banking or other financial institution.
The Work Number already provides mortgage lenders with rapid access to the most current verification of employment (VOE) and verification of income (VOI) database in the mortgage lending industry, as well as historical income verification via IRS form 4506-T tax transcript fulfillment. Earlier this year, it added capability to access more-difficult-to-verify information such as verbal VOE – from employers, self-employed verifications and Point In Time – retro income verifications.
“Our solution is continually evolving to meet the demands of a constantly changing lending environment,” said Janet Ford , Senior Vice President of The Work Number. “With the addition of self-employed verifications and AccountChek to our solution, we are addressing the business needs of our lender customers and can provide them with an unparalleled level of borrower employment, income and liquid asset data through a single solution. AuditChek and Point In Time are invaluable tools, designed to enable management oversight in the loan manufacturing process – a quality control and compliance check-and-balance.”
“The Work Number, with its enhanced functionality, stands alone in the mortgage sector. Through access to greater levels of information about borrowers’ credit, capacity to pay and collateral, we empower lenders to make the most insightful lending decisions – and that benefits both borrowers and lenders alike. Given today’s unprecedented market challenges, The Work Number’s latest enhancements provide an assurance – and a solution – that is simply not available elsewhere,” stated Dann Adams , President TALX/The Work Number.
About The Work Number
The Work Number, a service of Equifax, is the largest source for up-to-date employment, income and deposit verifications. The service offers access to over 200 million employment records instantly and will manually complete remaining employment verification requests within days. Additionally, The Work Number offers IncomeChek(SM), a 4506-T tax transcript fulfillment service; and DirectChek(SM), an identity authentication service; Point In Time™ a retro income verification service; and AccountChek, a deposit and asset verification service. All of these tools provide more authentic, complete information to help in origination, underwriting, servicing, fraud prevention and more recently, loan modification and repurchase.
About Equifax (http://www.equifax.com/)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well being.
Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 15 other countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.