The Work Number, an Equifax Consumer Information Solution, says it now provides automated fulfillment of Form 4506T requests for IRS tax transcripts from mortgage lenders and other institutions needing verified income on consumers.
The Work Number, with its database of employer-direct information, has traditionally served consumer finance, employment screening and other industries with an instant report of a customer's current employment and income information. The service maintains payroll information on 30% of U.S. employed persons who work for one of 1,950 employers.
In the past two years, The Work Number has improved its verified income service, evolving from a 30% solution to a 100% solution. The service can now verify current employment and income information on most consumers – either directly with the employer or directly with the IRS, according to The Work Number. Information not available instantly through The Work Number service is researched by specialists who contact the employer directly.
The company says its full solution set for verified income – leveraging both employer-direct data and government-direct data – is being implemented by top lenders. The Work Number's full capability allows businesses and organizations to have a single source for verified income and employment, helping to ensure efficiency, compliance, security and customer satisfaction.
‘Timing of our IRS Direct offering has been ideal for our clients,’ says Janet Ford, vice president of The Work Number. ‘These clients have been recently burdened by loan modifications and tightened lending compliance – and challenged to come up with the most current, accurate picture of their customers' income in an uncertain economy. Truthfully, we've been pleased with the welcome reception of a single service for accessing both employer and government data in one partner, and the urgency with which our clients want to incorporate our IRS service.’
SOURCE: The Work Number