Equifax, the information solutions, employment and income verification and human resources business process outsourcing services provider, recently completed the full integration of Discover Source, which it acquired in late 2008, into its TALX unit. Formerly one of a number of stand-alone providers of automated IRS 4506-T tax-filing information, Discover Source's information has been combined with the 192 million income and employment records in Equifax's proprietary The Work Number database. According to a statement announcing the enhancement, this enables the solution to provide more comprehensive employer- and/or U.S. government-verified information for lending institutions.
The Atlanta-based provider said in the release that the addition of Discover Source's 4506-T insight, combined with the capabilities of Equifax's settlement services group, makes the company a "one-stop shop" for all the data required for mortgage lending. "We now have the most complete suite of income and employment verifications, analytic and data solutions available in the industry, integrated into a product line that provides the deepest insight into consumers' ability and capacity to take on additional debt. This is absolutely critical in today's underwriting environment," said Dann Adams, president of Equifax's U.S. Consumer Information Services unit, in the release.
Described by the provider as an "industry-unique," the solution draws from its database of over 200 million consumer files and from The Work Number to provide a detailed risk profile that includes current income and employment of a particular borrower. The profile is enhanced further with: federal tax return data (4506T) from Discover Source, a direct feed of federal tax return data from the IRS that provides further confirmation of an individual's income, employment, etc.; key mortgage-related data provided through Equifax Settlement Services (ESS), including estimation of property values based on automated valuation models and full appraisal service, nationwide; and predictive income and other consumer analytics sourced through Equifax's databases.
"Our ability to provide verification of income and employment on almost the entire working population through a 'waterfall' process using The Work Number database, research with employers and automated direct 4506T/IRS information makes Equifax the most complete source available of this important information," said Bill Canfield, president of TALX. "And when income and employment information is combined with our credit data and ESS services, Equifax provides an unprecedented level of insight into the credit health of virtually the entire working population."