The Work Number Launches Reverify to Ease Lender Compliance with Verification of Employment

Share Name	Share Symbol	Market	Type
Equifax Inc	TG:EFX	Tradegate	Ordinary Share

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-2.00	-0.88%	224.00	222.00	224.00	226.00	222.00	226.00	3	22:50:16

Equifax (TG:EFX)
Historical Stock Chart

From Jun 2019 to Jun 2024

New product assists with compliance, streamlines processes and reduces fraud ST. LOUIS, Oct. 6 /PRNewswire/ -- The Work Number®, a provider of verified income information, including employer provided employment and income verification (VOE / VOI), announced the release of Reverify, a solution that automates loan or mortgage pre-closing verification of employment, enabling lenders to remain in compliance with today's tightened underwriting requirements. (Logo: http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO) Due to employment volatility and ongoing concern with fraud and misrepresentation, government sponsored entities (GSEs) have tightened their employment verification policy in underwriting and particularly at closing -- stating that a VOE must be pulled within 10 days of a mortgage or loan note date. Lenders using The Work Number can reconfirm employment data just prior to closing by simply going online to "Reverify Now". The Work Number captures an updated VOE which was originally pulled during underwriting to confirm the borrower's employment status at loan closing, further reducing mortgage fraud and protecting the lender against risk. The unique advantage of Reverify is in The Work Number's existing relationships with employers. Companies update The Work Number database by directly sending payroll updates each pay period. In addition, researched verification agents maintain a knowledge base of validated employer contacts, which simplifies and speeds the delivery of a pre-closing VOE. "Reverify is just one of the many ways that The Work Number is diligently working with lenders to ease the burden of increased compliance due to mortgage industry turmoil," said Janet Ford, senior vice president of The Work Number. "The due diligence that is required on each loan has impacted the workflow processes of many of our customers. As a result, we are continuously developing products and features for lenders that will aid in compliance and add consistency to their process, enabling them to benefit from reduced fraud, borrower misrepresentation and increased workplace efficiency." The Work Number provides instant delivery of a borrower's current employment and income information, direct from the payroll of more than 2,100 employers. It also provides verification of employment and income for borrowers whose employer data is not instantly available on The Work Number. The new Reverify product works in conjunction with Online Verifications or Researched Verifications. The Work Number's services can be integrated into a lender's workflow management or loan origination system to ensure compliance and produce even greater efficiencies. About The Work Number (http://www.theworknumber.com/) The Work Number is part of TALX, a business unit of Equifax Inc. (NYSE: EFX), and is the largest source for employer direct, and up-to-date, employment and income verifications. The service offers instant access to over 192 million employment records and will manually complete remaining requests within days. Additionally, The Work Number offers a tax transcript fulfillment service and a Social Security Administration authentication service. All of these tools provide more authentic, complete information to help in servicing, underwriting, fraud prevention and loan modification. About Equifax (http://www.equifax.com/) Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers. With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being. Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO http://photoarchive.ap.org/ DATASOURCE: Equifax Inc. CONTACT: Cristi Murray, +1-678-935-7135 for The Work Number Web Site: http://www.theworknumber.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

EFX Equifax Inc