Faced with an economic downturn and rising unemployment, financial institutions and other organizations need a more complete picture of the consumer. As lenders recalibrate their acquisition and risk management strategies, they want to make smarter risk decisions while meeting consumers’ demands for a digital first, seamless experience.
In the wake of COVID-19, lenders need quick access to consumer income and employment data. Income and employment data helps lenders verify and understand a consumer’s ability to pay for a new loan or refinance. While this information has value at all times, it’s essential during the pandemic as employment has changed on a sudden, massive scale.
To use income and employment data, companies often undergo a cumbersome process to receive the information. In some cases, consumers have to provide their own data, which can slow the process and frustrate consumers who want a seamless experience. Alternatively, some lenders must subscribe to separate processes, which make moving quickly on a lending decision more challenging.
At a time when consumers have higher expectations for their lenders, organizations need real-time access to income and employment data. With TransUnion Income and Employment Verification, lenders receive real-time income status and employment data directly from payroll systems, delivered through the credit report. With updated data every pay cycle, lenders can use the most recent view of a consumer’s employment status and income to ensure they are making smarter risk decisions.
In a digital first world, consumers expect fast, seamless access to solutions and building trust starts with the application process. When lenders improve the experience, reduce friction and provide timely information, both lenders and consumers benefit.
To learn more about TransUnion Income and Employment Verification, view an overview of the solution or fill out the form below.