Faced with an economic downturn and rising unemployment, financial institutions and other organizations need a more complete picture of the consumer. As lenders recalibrate their acquisition and risk management strategies, they want to make smarter risk decisions while meeting consumers’ demands for a digital first, seamless experience.
In the wake of COVID-19, lenders need quick access to consumer income and employment data. Income and employment data helps lenders verify and understand a consumer’s ability to pay for a new loan or refinance. While this information has value at all times, it’s essential during the pandemic as employment has changed on a sudden, massive scale.
To use income and employment data, companies often undergo a cumbersome process to receive the information. In some cases, consumers have to provide their own data, which can slow the process and frustrate consumers who want a seamless experience. Alternatively, some lenders must subscribe to separate processes, which make moving quickly on a lending decision more challenging.
At a time when consumers have higher expectations for their lenders, organizations need real-time access to income and employment data. With TransUnion Income and Employment Verification, lenders receive real-time income status and employment data directly from payroll systems, delivered through the credit report. With updated data every pay cycle, lenders can use the most recent view of a consumer’s employment status and income to ensure they are making smarter risk decisions.
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