Equifax (NYSE: EFX) has launched a new solution, The WorkNumber Report Indicator, enabled by the Equifax Cloud to empower lenders by delivering a Equifax credit report with an indicator of “employment status earlier in the mortgage qualification process.”
The current lending environment requires a fuller view of consumers’ financial profiles, and Equifax is committed to “supporting the mortgage industry through an extensive set of data-driven solutions.”
The Work Number Report Indicator notifies mortgage lenders upfront if an applicant has a “verification of income and employment (VOIE) record on The Work Number database.”
Delivering this information alongside its mortgage prequalification credit report, Equifax is enabling mortgage lenders to “instantly obtain information about both an applicant’s creditworthiness and employment status.”
This innovation is said to be enabled by the company’s more than “$1.5 billion technology and data transformation into the Equifax Cloud.”
Central to the Equifax Cloud is the custom Equifax data fabric, an adaptable data platform that unifies the enterprise’s data (from over 100 siloed data sources) in a “single, virtual structure, while enabling critical data governance measures, including data segregation, and maintaining compliance with regulatory requirements.”
The ability to leverage the power of multiple Equifax data assets through data fabric enables lenders to have a better “understanding of an applicant’s creditworthiness, while also meeting high consumer expectations for a more efficient and streamlined process.”
