Equifax Introduces Income Qualify to Deliver Insights Earlier in the Mortgage Lending Process and Help Lenders Manage Costs

Core Insights - Equifax has launched a new product called Income Qualify, which provides income and employment insights to mortgage lenders during the prequalification and pre-approval phases, enhancing the value of the Equifax consumer credit file [1][2]. Group 1: Product Features - Income Qualify offers verified income and employment data earlier in the lending process, allowing lenders to conduct initial assessments more quickly and with less burden on borrowers [2][4]. - The product leverages data from The Work Number, providing key data points such as borrower name, employer name, job tenure, and prior-year total income, which aids in assessing borrower eligibility and managing costs [4][8]. Group 2: Market Context - Mortgage lenders are facing increased competition for qualified buyers, necessitating faster assessments and critical lending decisions while managing costs [3]. - Equifax aims to support home ownership affordability and believes that comprehensive data solutions like Income Qualify are essential for this goal [3][5]. Group 3: Pricing Strategy - Equifax announced a significant reduction in pricing for VantageScore 4.0 mortgage credit scores, offering them at over 50% less than FICO 2026 prices and committing to hold the $4.50 pricing for two years [5].