Equifax (NYSE: EFX) has recently announced the launch of Income Qualify, which is described as being a new product that delivers income and employment insights from The Work Number in order to mortgage lenders during the prequalification and pre-approval phase as “a value add alongside the Equifax consumer credit file.” At present, lenders are said to be quite limited in their “ability to confidently make prequalification offers.”
Income Qualify now reportedly offers verified income and employment data earlier in the process, enabling mortgage lenders “to conduct an initial assessment faster and with less burden on the borrower.”
This helps reduce risk in the lending process and “supports affordability in the home buying process.”
Home ownership is an important goal “for many U.S. consumers and can help build wealth that can last for generations.”
Equifax says that it is committed to making home ownership “more affordable” and believes that comprehensive data solutions, such “as Income Qualify, are a key component of supporting affordability.”
With this information available before origination, Income Qualify “can help lenders assess borrowers earlier in the loan process.”
Additionally, it can help lenders manage costs by “making more informed purchases of The Work Number at origination.”
Equifax is focused on developing solutions that help lenders “reduce the cost of home ownership and help consumers build generational wealth, while providing deeper insights alongside its credit reporting products.”
At Equifax, they claim to believe “knowledge drives progress.”
As a global data, analytics, and technology company, they aim to serve an essential role in the global economy by “helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence.”
Their blend of differentiated data, analytics, and cloud tech drives insights “to power decisions to move people forward.”
Headquartered in Atlanta and supported by employees worldwide, Equifax operates or “has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region.”