Equifax now offers lenders verified employment and income data along with credit reports.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.This new offering, Income Confirm, integrates data from the company’s The Wor ...

Core Insights - Equifax has acquired Vault Verify, enhancing its employment and income verification services [1][2] - The acquisition will enrich Equifax's The Work Number database, aiding consumers in job applications, mortgages, and financial services [3] - Integration of Vault Verify into Equifax's operations is expected to improve the efficiency of data delivery to verifiers [4] Company Developments - Equifax's revenue increased by 7% year-over-year in Q3, despite challenges in the U.S. hiring and mortgage markets [4] - The Workforce group has experienced a slowdown in hiring transactions due to economic uncertainty, but government business remains strong due to new verification requirements [5] - Equifax launched a generative AI solution in October to assist lenders in analyzing portfolio performance and improving decision-making [5][6]

Core Insights - Equifax is launching new fraud prevention tools in response to increasing mortgage revenues and evolving fraud threats [2][3] Financial Performance - Equifax reported a 7% increase in overall revenue, with mortgage revenues specifically rising by 13% despite challenges in the U.S. hiring and mortgage markets [2] - Consumer lending revenue grew by 20% in the quarter, driven by strong performance in auto, personal loans, and card markets [5] Fraud Prevention Initiatives - The company is utilizing advanced AI capabilities to develop new fraud prevention tools, focusing on synthetic and first-party fraud [3] - A new synthetic identity model will analyze billions of non-traditional data points to detect "ghost identities" [3] - Equifax plans to introduce a first-party fraud model to identify behavioral patterns indicating credit taken out with no intention of repayment [3][4] AI Solutions - Equifax launched Equifax Ignite AI Advisor, a generative AI solution designed to help lenders analyze portfolio performance and identify growth opportunities [6] - The tool integrates lenders' internal data with Equifax's credit and risk analytics, allowing for natural language queries and visual dashboards [7]

Core Insights - Equifax has launched the Equifax Ignite AI Advisor, a solution aimed at helping lenders identify new opportunities, grow accounts, and make informed decisions quickly on a single platform [1][2][3] Product Features - The Equifax Ignite AI Advisor is part of a growing suite of AI-enabled solutions and is designed to simplify data analytics for lenders, allowing them to create actionable views without the complexities typically associated with data [2][3] - It utilizes both the lender's own data and Equifax's data to generate secure, actionable insights that enhance decision-making [3][4] - The solution is particularly beneficial for smaller and mid-sized financial institutions that may lack dedicated data scientists, providing a no-setup consultative experience [3][7] Technology and Methodology - Built on the Equifax Amplify AI platform, the Ignite AI Advisor leverages patented technology, unique analytics, and the Equifax Cloud infrastructure to transform data into actionable insights [4][6] - The platform allows lenders to benchmark against competitors, find growth opportunities, and make confident decisions through a generative AI chat interface with visual dashboards [7] Market Positioning - The introduction of the Equifax Ignite AI Advisor aims to level the playing field for smaller financial institutions by providing curated AI-driven insights that were previously accessible mainly to larger organizations [7]