Access to industry-leading Equifax database, The Work Number®, lets auto lenders gain competitive edge, avoid delays with dealer payouts
ATLANTA, Sept. 15, 2014 – Equifax Inc. (NYSE:EFX), a global information solutions company, today announced that defi SOLUTIONS is now offering its automotive lender clients access to income and employment verifications through The Work Number® using defi SOLUTIONS’ cloud-based loan origination system. The Work Number is a proprietary database of employment and income information owned by Workforce Solutions, a business unit of Equifax.
By leveraging The Work Number database of more than 245 million employer-direct payroll records, of which more than 58 million are active, defi SOLUTIONS’ lender clients gain a competitive edge in the marketplace through access to unique income and employment data that is updated with each pay period. This enables lenders to more effectively reduce risk and mitigate fraud, as well as better refine risk level assignment and reduce stipulations to accurately reflect applicants’ true credit-worthiness.
“Accurate and fast access to income and employment verification offers a significant advantage for many lenders – as they can offer faster approvals with fewer stipulations. Funding time can also be reduced significantly with integrated and automated income verification offered by The Work Number,” said Lou Loquasto, Auto Finance Vertical Leader, Equifax Automotive Services. “defi clients seeking higher efficiencies and accuracy in this competitive market are finding that integrated access to The Work Number allows them to offer a more competitive program with faster funding which is valued by dealers and consumers.”
“The Work Number integrated in defi LOS puts our clients a few clicks away from being able to leverage industry leading data,” said Stephanie Alsbrooks, CEO of defi SOLUTIONS. “This supports our plan to offer defi clients the most efficient and configurable LOS on the market.”
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune’s Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
About defi SOLUTIONS
defi SOLUTIONS provides an industry leading, browser-based Loan Origination System (LOS) that is completely configurable and easy to implement. The defi system allows auto lenders the flexibility to manage the application lifecycle from a single, flexible, SaaS platform. The defi LOS is affordable, scalable and easily accessible from mobile devices. Click here to schedule a date and time to demo the defi SOLUTIONS LOS. www.defiSOLUTIONS.com.
defi SOLUTIONS offers solutions for a lender’s complete end-to-end, loan or lease lifecycle. Partnering with captives, banks, credit unions, and finance companies, defi’s market-leading solutions helps lenders exceed borrower expectations. From digital engagement through the complete lending process, defi sets new standards for flexibility, configurability, and scalability in originations and servicing (by your experts or ours). If you’re curious about the possibilities for your unique lending lifecycle, take the first step. Contact our team today or register for a demo.