The Many Benefits of Automated Income and Employment Verifications
Tuesday October 5th, 2021
Estimated time to read: 1 minute, 45 seconds
A new car. A new apartment. A new house.
These milestones are typically greeted with excitement (and a bit of anxiousness) – but there is something that can stand in the way of these momentous occasions: slow income and employment verifications.
Many lenders may be required to obtain verification of employment and income for a loan or line of credit. This means that not having quick access to W-2s or paystubs could literally be the difference between one of your employees driving off in a new car on a Saturday or hoping it doesn’t get sold over the weekend.
As an employer, you can help to improve employee experience by making income and employment verification simple. One way to do this is by empowering employees to access the documents they need with self-service tools – however even that can delay a purchase due to the time it takes to find, download and print the required documents. Sending these confidential documents over email to lenders is not the most secure option either. A better option is to enable automated verification through The Work Number® from Equifax.
The Work Number automates income and employment verification. This service is available as an integration in the isolved Integration Marketplace at no-cost for isolved employer customers. Leveraging The Work Number means that as an employer, your HR team typically won’t need to respond to lenders or government agencies when employees are seeking loans, credit or government assistance. Additional benefits include:
- Employees can quickly have their income and employment verified
- Time spent processing verification requests is decreased
- Helps minimize employer liability by confirming verification requests are by legitimate verifiers
- Helps increase accuracy and confidentiality of employees’ information
- Helps improves employees’ opportunities for credit and benefits
According to the Director of Strategic Alliances at Equifax Workforce Solutions Tony Gaebler, approximately 23 percent of The Work Number verifications are pulled after normal business hours. This means not leveraging this integration could be adding unnecessary delays to your employees’ big decisions.
“This service is beneficial for employees because the verification is instant and it keeps the employer out of the employee’s personal business,” said Gaebler. “It’s also valuable for the employer because it removes extra manual tasks for their HR teams.”
The Work Number is well known by verifiers across the United States and Gaebler notes that about half of the working population is currently available within the company’s database*. The service supports businesses of all sizes and the integration is simple to set up for isolved People Cloud customers because the employee information that is needed is already available within isolved’s intelligently connected platform.
Enable automatic income and employment verifications with The Work Number integration in the isolved Integration Marketplace. Click here to learn more.
- Note: The Work Number integration is currently only available for isolved's direct customers.
*US non-farm payroll: Non-farm payroll is a term used by the Bureau of Labor Statistics, and is a statistic that represents how many people are employed in the US in manufacturing, construction, and goods companies. Non-farm payroll excludes farm workers, private household employees, or non-profit organization employees. Data referenced here is based on BLS data as of January 2021 and EFX data as of July, 2021
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