Equifax, Inc., Atlanta, announced that it can now provide automated income verification for loan applicants—something not included in credit scores, such as FICOs.
Automated information from applicants' tax filings, form 4506T from the Internal Revenue Service (IRS), is the latest capability of Equifax's service The Work Number. The credit bureau's service maintains current payroll information on 30 percent of all those employed in the U.S., but Equifax says that through additional inquiries it has income information on almost the entire working population.
The St. Louis-based Equifax unit says Top 50 lenders are eagerly integrating The Work Number's single source for verified income and employment with their underwriting systems.
"Timing of our IRS Direct offering has been ideal for our clients," said Janet Ford, vice president of The Work Number, in a statement. "These clients have been recently burdened by loan modifications and tightened lending compliance—and challenged to come up with the most current, accurate picture of their customers' income in an uncertain economy. Truthfully, we've been pleased with the welcome reception of a single service for accessing both employer and government data in one partner, and the urgency with which our clients want to incorporate our IRS service."