Equifax announced the international expansion of its verification services, powered by the company’s multi-year investment in the Equifax Cloud.
Verification Exchange, a secure and automated cloud-based service that streamlines the process of verifying employment and income information, is now available in Australia and the UK – soon after the service’s successful rollout in Canada and availability employment verification services from Equifax in India.
“Equifax has deep expertise in audit services. Over the past 25 years, The Work Number database has become the benchmark for US employment and income verification in key verticals including mortgages, talent management solutions , government, etc. said Mark W. Begor, CEO of Equifax. “Our $1.5 billion investment in the Equifax Cloud is driving innovation, giving us the scalability to rapidly build our verification services leadership and accelerate new product innovation for lenders.” , UK and Australian consumers, employers and government agencies with more international markets to follow. .”
Similar to how The Work Number service works in the United States, Verification Exchange helps increase access, reduce fraud, support compliance and mitigate risk throughout the verification process at using automated systems designed in accordance with a country’s regulatory framework. It’s a “one-stop-shop” for faster, more secure decision-making, and a model that has already seen considerable success in Canada, where Equifax partners with top payroll processors and large multinational employers. to provide instant employment and income verifications – with consumers. consent – to major financial institutions, government departments and background checkers. These checks can help consumers with more efficient processes when looking for mortgages, government benefits, new jobs, auto loans, and more.
“With Equifax Cloud, we can build something once and then deploy it in any of our 24 markets, with market-specific customizations that require very little engineering. This dramatically speeds up our delivery times, while reducing costs for our customers,” commented Bryson Koehler, director of technology, product and data and analytics at Equifax. “Our unique data structure completely changes our approach to data management and revolutionizes the products we can deliver and the speed with which we can develop them.”
Verification Exchange partners directly with employers as well as payroll and software companies to receive metrics on employment and earnings that are updated with each payroll cycle. Consumers can authorize verifiers to obtain the data, facilitating faster and easier access to the important credit and financial services they need. Employers contributing to the exchange are relieved of the administrative burden of manually responding to verification requests for current and former employees.
“Income and employment information is at the heart of most loan decisions and at the center of our Equifax Workforce Solutions data center. Consumers today expect a quick and efficient process when applying for a mortgage, auto loan, or even social service benefits,” Begor added. “I am confident that Verification Exchange will quickly become as essential a part of credit and lending processes in Australia and the UK as The Work Number is in the US. We will continue to seek other international markets to expand our industry-leading verification services leveraging our new cloud capabilities.
Verification Exchange follows privacy-by-design principles and globally recognized best practices in data security management. Consumers can request a copy of their Verification Exchange report at any time to review and dispute the information, if necessary.
Verification Exchange is currently available in the UK, Australia and Canada with Equifax’s employment verification services available in India.