Equifax‘s new product integration with the United Kingdom’s IRIS Software Group aims to cut down underwriting time for mortgage borrowers at small- and medium-sized businesses (SMBs).
Equifax’s digital income and employment verification tool – The Work Number – is available to one million additional employees of U.S. SMBs who use IRIS Payroll Relief software, Equifax said in a news release.
Small businesses account for more than 46% of U.S. private sector employees, according to the U.S. Small Business Administration (SBA).
When a consumer applies for a home mortgage, auto loan or social service benefits, their employer is required to provide employment and income history. Data verification is among the most cumbersome steps borrowers have cited in the mortgage process, leading to longer close times.
With the new integration between Payroll Relief and The Work Number, those verifications can happen instantly and digitally outside of regular business work hours, Equifax said.
“Partnering with The Work Number from Equifax demonstrates our dedication to streamlining verification processes and improving the overall experience for our clients,” Jim Dunham, president and general manager at IRIS Americas, said in a statement.
IRIS Software Group, one of the UK’s largest, privately held software companies, provides software solutions and services for finance, HR and payroll teams and accountancy firms. More than 850,000 UK employees are managed by IRIS HR solutions, according to the firm.
Equifax’s Work Number has access to over 631 million employment records from 2.8 million employers, the Atlanta-based data provider said.
The Work Number is governed by the Fair Credit Reporting Act (FCRA). The legislation requires verifiers – such as lenders or social service agencies – to undergo a thorough credentialing process with Equifax. They must also prove they have a legally required, permissible purpose for accessing the information.
