Providing information that you can trust.
What is employment and income verification?
Today more than ever, lenders need the most accurate, current income information available to make the best decision concerning consumer loans. In the past, lenders were dependent on employees to bring paystubs or W-2 forms to verify the person's income. However, these documents are sometimes faked or altered, putting the lender at risk of fraud.
USIncomeVerify eliminates these risks by providing payroll information that was obtained directly from employers' payroll systems. Employers provide USIncomeVerify with payroll data after every pay period, so lenders can be confident that their decisions are based on the most recent payroll information available for the employee.
Who benefits by using USIncomeVerify?
Lending institutions benefit by using USIncomeVerify because they can be sure that the employment and income 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. An income authorization key must be created by the employee and provided to the lender. There is no way for the employee to access or change the data, so the lender can be confident that the information is the exact payroll information provided by the employer.
Employers benefit by using USIncomeVerify because it frees their internal resources from the hassle and burden of providing this information to lending institutions. Instead of having internal HR or Payroll employees dedicate part or all of their work day to answering employment and income queries, they are free to do other jobs that directly impact the company's bottom line.
Employees benefit by using USIncomeVerify because it can speed up the loan/verification process, many times going from several days to just a few minutes. Also, the employee will be able to remain anonymous within their organization, as they are applying for a personal loan or renting an apartment.