Equifax Introduces First-in-Market Mortgage Solution that Delivers Credit Report Alongside Employment Status from The Work Number®

Core Insights - Equifax has launched The Work Number® Report Indicator, which integrates employment status with credit reports to enhance mortgage qualification processes [1][2][4] - This innovation is part of a broader $1.5 billion investment in technology and data transformation into the Equifax Cloud, aimed at improving data accessibility and governance [3] Company Overview - Equifax is a global data, analytics, and technology company that plays a crucial role in the economy by aiding financial institutions and other entities in making informed decisions [8] - The company operates in 24 countries and employs nearly 15,000 individuals worldwide [8] Industry Context - The competitive lending environment necessitates a comprehensive view of consumers' financial profiles, which The Work Number Report Indicator aims to provide [2] - The solution allows lenders to verify income and employment status quickly, streamlining the mortgage underwriting process and enhancing borrower experience [5][6] Benefits of The Work Number Report Indicator - Lenders gain a competitive edge by leveraging unique income and employment insights during prequalification, improving decision-making and risk assessment [7] - The solution enhances cost efficiency by managing verification expenses and predicting costs to close [7] - It streamlines loan processing, allowing for a faster and more predictable workflow [7] - The borrower experience is improved by reducing documentation requests and creating a smoother approval process [7]