Equifax Workforce Solutions, a provider of data, analytics and verification services, announced that for the first time the company has processed more than 34 million instant income and employment verifications in one year - a nearly 40 percent increase from 2012.
"Passing the 34 million mark is a great milestone for job-seekers, loan applicants, consumers needing government assistance, and employers around the country, as well as for Equifax," said Craig Leabig, senior director of Product Management for the company. "It takes time and resources to track down an applicant's employer, contact that employer and wait for the response. We simplify the process for applicants across the country by providing income and employment data instantly through The Work Number service."
Since it was established in 1995, The Work Number service has grown steadily, with more than 70 percent of the Fortune 500 outsourcing their employment and income verification functions to Equifax Workforce Solutions.
The Work Number serves more than 3,000 employers nationwide and has more than 230 million payroll records under management. It is used not only by lenders but also by federal, state and local government agencies to maintain integrity with various social service programs.
The Work Number is compliant with the Fair Credit Reporting Act, and as such requires that:
All verifier clients are credentialed
A permissible purpose be provided for every verification request
The employee-consumer has the ability to view their data file
The employee-consumer has the ability to dispute data errors
According to company officials, The Work Number goes beyond FCRA by requiring not only permissible purpose but also consumer consent for the release of income or salary information.