The Work Number, an Atlanta-based service of Equifax and one of the nation’s largest sources for employment, income, and deposit verifications, has launched two new automated products, AuditChek and AccountChek, within its outsourced verification solution.
AuditChek enables lenders to computerize the direct retrieval and authentication of executed tax transcripts (4506-T) and Social Security Administration (SSA) identity verification or proof of employment and income. Lenders can then make that information available throughout the loan life cycle or within a broker network.
AccountChek automates 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 financial institution.
“Our solution is continually evolving to meet the demands of a constantly changing lending environment,” said Janet Ford, SVP 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.”
Earlier this year, the Work Number added capability to access more-difficult-to-verify information such as verbal VOE (from employers), self-employed verifications, retro income verification, and verification of deposit and assets (VOD).
“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,” said Dann Adams, president TALX/The Work Number.