Equifax announces international expansion of its verification services

Equifax announced international expansion of its verification services based on the company’s multi-year investment in the Equifax Cloud.

Verification Exchange, a secure, automated cloud-based service that streamlines the process of verifying employment and income information, is now available in Australia and the UK, shortly after the service’s launch and success in Canada and the availability of Equifax -Employment Verification Services in India.

“Equifax has extensive expertise in verification services. Over the past 25 years, The Work Number database has become the gold standard for verifying employment and income in the United States across major industries including mortgages, talent solutions, government and more,” said Mark W. Begor, CEO of Equifax . “Our $1.5 billion investment in the Equifax Cloud drives innovation and gives us the scalability to rapidly expand our leadership in verification services and accelerate new product innovation to the benefit of UK and Australian lenders, consumers, employers and government agencies, while other international markets will follow.”

Similar to how The Work Number service works in the US, Verification Exchange helps improve access, reduce fraud, support compliance, and mitigate risk throughout the verification process by using automated systems that are compliant with developed according to the legal framework of a country. It’s a “one-stop-shop” for faster, safer decisions, and a model that has already seen significant success in Canada, where Equifax works with leading payroll processors and large multinational employers to provide instant employment and income verification – with consumers . Consent – ​​to leading financial institutions, government departments and background screeners. These reviews can assist consumers with more efficient processes when looking for mortgages, government benefits, new jobs, auto loans, and more.

“With the Equifax Cloud, we can build something once and then deploy it to any of our 24 markets, with market-specific customizations that require very little engineering. This significantly reduces our delivery times while reducing costs for our customers,” commented Bryson Koehler, Chief Technology, Product and Data & Analytics Officer at Equifax. “Our Single Data Fabric completely changes our approach to data management, revolutionizing the products we can offer and the speed at which we can develop them.”

Verification Exchange works directly with employers, payroll and software companies to receive encrypted employment and earnings data that is updated every pay cycle. Consumers can authorize verifiers to receive the data, allowing faster and easier access to the essential credit and financial services they need. Employers who contribute to the exchange are relieved of the administrative burden of manually responding to verification requests for current and former employees.

“Income and employment information is at the core of most credit decisions and is central to our Equifax Workforce Solutions Data Hub. Today’s consumers expect a fast and efficient process when applying for a mortgage, car loan or even benefits,” added Begor. “I am confident that Verification Exchange will quickly become as important a part of credit and credit processes in Australia and the UK as The Work Number is in the US. We will continue to look at other international markets to expand our industry leadership in verification services leveraging our new cloud capabilities.”

Verification Exchange follows the principles of Privacy by Design and globally recognized best practices in data security management. Consumers can always request a copy of their report on Verification Exchange to review and dispute information if necessary.

Verification Exchange is currently available in UK, Australia and Canada while Equifax employment verification services are available in India.

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