Next Generation of Equifax Verification Services to Boost Lender Confidence, Grow Dealer Business and Improve the Customer Car Buying Experience
NEW ORLEANS, Jan. 23, 2014 (GLOBE NEWSWIRE) -- Equifax (NYSE:EFX) this week will unveil at the NADA Convention & Expo 2014 its newest generation of Equifax Verification Services, enabling automotive dealers and lenders to more efficiently verify income and employment - and for the first time - rent, auto insurance and address. As the auto industry nears the peak 2014 selling season, these tools allow dealers and lenders to shift their focus to what counts; delivering vehicles.
Verification of rent, auto insurance, and address - as well as income and employment- are crucial components of ensuring that lenders have the right information when booking loans and mitigating loss. This burden of verification has fallen mainly to dealers which is time consuming and keeps them from doing what they do best - selling cars. By leveraging the new Equifax Verification Services, provided by Equifax's Workforce Solutions business unit, both dealers and lenders can now confidently overcome these challenges and focus on closing deals with more accurate information.
"Many times lenders do not realize that application information such as rent, insurance and address are inaccurate until the customer is already long down the road," said Jenn Reid, Senior Director of Product Marketing, Equifax Automotive Services. "Our newest Equifax Verification Services, built specifically for the auto industry, will help build lender confidence when approving loans, and remove the burden from the dealer of verifying these important components of information. Equifax Verification Services fill a void that was prominent years ago and still exists today. We are excited to be able to meet both lender and dealer needs with the expansion of our verification capabilities."
Third-party verifications can help dealers and lenders ensure accurate information is used throughout the loan lifecycle, all backed by a trusted, auditable process. These new solutions complement the existing suite of Equifax Automotive solutions which include marketing, risk, fraud, verification and compliance products.
To learn more about the latest Equifax solution, please visit the company's booth #4767 at the NADA Convention & Expo 2014 Jan. 24-27 in New Orleans.
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
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Source: Equifax Inc.