Equifax launches employment verification tools for auto dealers

Equifax Inc. (NYSE: EFX) announced the launch of two Employment Insights solutions designed to provide auto dealers with verified employment and income data during car financing processes. The tools integrate with Equifax Consumer Credit Reports and draw information from The Work Number database.

The company released two distinct products targeting different stages of auto sales. Employment Insights for Prequalification provides dealers with calculated annual income and employment records before full credit applications are submitted. Employment Insights for Financing offers employment verification and identity validation during deal closure.

The prequalification tool allows dealers to assess purchasing power, calculate debt-to-income ratios, and customize offers based on verified employment status. The financing tool helps dealers validate application information and reduce buyback risk through employment verification and income data.

"Today's car shoppers are more price sensitive than ever, so a delay in financing could easily result in a lost sale," said Lena Bourgeois, Senior Vice President and General Manager of Automotive Services at Equifax. "This makes it critical for auto dealers to quickly receive reliable information that helps them operate with confidence and close deals faster."

The solutions utilize data from The Work Number, which Equifax describes as the nation's largest centralized commercial database of employment and income information. The tools aim to help dealers move beyond self-reported consumer data to make decisions based on verified information.

Both products allow dealers to route applications based on verified consumer qualifications and align deal terms with verified purchasing power, according to the company's announcement.

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