Providing information that you can trust.
What is employment and income verification?
Today more than ever, lenders want the most accurate, current salary information available to make decisions concerning consumer loans. In the past, employees had to make numerous phone calls or visits to their company's HR office in order to obtain paystubs or W-2 forms necessary for their application.
USIncomeVerify eliminates the hassle of this process by providing payroll information that was obtained directly from employers' payroll systems. Employers provide USIncomeVerify with payroll data after every pay period, so employees can be confident that their income information is current and correct.
Who benefits by using USIncomeVerify?
Lending institutions benefit by using USIncomeVerify because they can be sure that the data they are using to determine the amount of credit to extend is accurate, timely, and identical to the data residing in the employer's payroll system. When USIncomeVerify receives a new payroll file, it is stored in a secure database environment, available only to a verifier who has an account with USIncomeVerify as well as a token that must be created by the employee and provided to the lender.
Employees benefit by using USIncomeVerify because it shortens the amount of time their application will take to be processed by the lending institution, many times going from several days to just a few minutes. They can have peace of mind knowing that their employment and income information is secure and can only be accessed by parties with specific permission. Also, the employee will be able to remain anonymous within their organization, as they are applying for a personal loan or renting an apartment.
There is no charge to the employee seeking verification, and Income Authorization Keys may be created and accessed any time of day or night.