In order to build strong customer relationships and more profitable partnerships with lenders, Equifax will be launching a Automated Income Check solution database. The WORK NUMBER platform will provide employment information and income by the employers themselves. This platform will allow dealers to easily access this information in a more timely and accurate manner.
According to the “Automotive News” 15% of applicants overstate their income by 50% and 20% of applicants understate their income by 10% or more. Bill Thompson who is the Automotive Vertical Leader says this about the database “This allows [dealers] to confidently offer financing options to their customer, and ultimately provide their lending partners with higher quality financing opportunities.”