Credit bureau Experian has launched a new employment verification product, Experian Verify, to more accurately convey employment data to lenders and increase their pool of potential customers.
The new solution was launched among Experian clients in April, in conjunction with the acquisitions of data providers Tax Credit Co. and Emptech. The suite of products offers Experian Verify and Experian Verify Premium, according to Michele Bodda, president of Experian Verifications, Employer Services and Mortgage.
"Our clients had been seeking a solution to some of the legacy systems out there," Bodda said. "Leveraging the most accurate traditional credit data, and then expanded data like verified income and employment, allows lenders to form a really precise picture of an individual's financial situation so that they can lend responsibly."
The solution can be used across credit products, including credit cards and mortgage, auto and personal loans, but also for tenant screening, Bodda said.
Experian Verify allows lenders to find data such as a borrower's employer, salary and starting date. Experian Verify Premium offers a deeper dive into the borrower's employment data, including pay records over the last two years. The products increase credit access to consumers with limited credit histories by allowing lenders to instantly verify income and employment status, Bodda said.