Critical Shifts:
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Instant Workflow Segmentation: The new indicator tells you immediately if an applicant’s income and employment can be verified digitally. This allows you to fast-track "paperless" deals and identify early on which customers will actually need to provide physical paystubs.
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Reduced "Downstream" Friction: By integrating income data availability directly into the initial credit report, the tool eliminates the guesswork that often leads to deals stalling later in the F&I office due to missing or unverifiable documentation.
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Faster "Right-Sized" Approvals: Combining credit history with current capacity to pay helps you structure more accurate loan offers quickly. This creates a "digital-first" experience that meets modern buyer expectations and gets them off the lot faster.
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Equifax on April 14 announced the launch of The Work Number Record Indicator for auto or personal loans, a new solution that delivers income and employment insights from The Work Number alongside the Equifax consumer credit report at the start of the auto or personal loan application process.
This integration can help lenders accelerate the approval process and reduce friction for both the borrower and lender.
The Work Number Record Indicator returns a response indicating whether a verification of income and employment (VOIE) is available for an applicant from The Work Number. This immediate visibility gives lenders the ability to instantly segment their workflows, fast-tracking appropriate borrowers through an automated, paperless path while proactively identifying those who may require manual documentation. By reducing guesswork from the start of the application process, lenders can offer appropriate loans while borrowers can benefit from a faster approval process.
“By providing The Work Number Record Indicator for auto or personal loans alongside the Equifax Consumer Credit Report, we are bridging two critical viewpoints -- the consumer’s current capacity to pay and their historical credit behavior,” said Barrett Teague, Vice President of Sales, Auto Lending at Equifax. “This powerful combination provides lenders with the immediate clarity needed to make more informed, data-driven decisions, while delivering the seamless digital-first experience that today’s borrowers expect.”
The change promises to deliver a more nuanced view of a borrower’s financial health by providing credit insights alongside an indicator of employment and income data availability. It also promises to allow lenders to segment applications based on digital data availability, reducing manual touches and downstream friction.
It also promises to reduce the need for manual document collection for many applicants, supporting quicker “right-sized” loan offers and faster approvals.
