Income and Verifications Solution, The Work Number®, Expands Reach with Integration into Digital Matrix Systems, Inc. Platform
OREANDA-NEWS. January 30, 2017. Equifax announced today that Digital Matrix Systems (DMS), a leading risk management solution provider, has established connectivity to The Work Number® to provide income and employment verifications to DMS clients. Equifax Workforce Solutions, a business unit of Equifax, provides The Work Number®. Refreshed each pay period, The Work Number® is the largest database of income and employment information provided directly from employers. Records from more than 75% of the Fortune 500 companies are included, as well as records from an increasing number of medium-to small-sized employers.
Verifying income and employment can allow lenders to minimize exposure to fraud. Leveraging data from third party sources for proof of income can streamline the overall process, resulting in improved efficiency. Access to The Work Number® data will be available through Data Access Point™ by DMS, a cutting-edge connectivity hub that offers clients flexibility when using both traditional and alternative data sources.
“Our income and employment verification solution rounds out the DMS offering by enabling instant access to data that can help their clients reach business decisions faster,” said Scott Collins, senior vice president of Equifax Verification Services. “Being in a position to have a more comprehensive view of a consumer’s credit profile will help give these lenders greater confidence around credit risk and their customers’ ability to repay.”
“We continually survey the market and work with our partners to evaluate new data sources for our clients, and the addition of The Work Number® will allow us to provide access to a unique and beneficial data set,” said David Graves, DMS executive vice president. “DMS and Equifax share a mutual goal — to improve the speed and accuracy of consumer originations.”