ATLANTA, June 30, 2014 (GLOBE NEWSWIRE) -- Equifax Inc. (NYSE:EFX), a global information solutions company, announced that its Spectrum Verification Services Platform – powered by data from The Work Number®, a solution offered through Workforce Solutions, Equifax and the largest collection of payroll records contributed directly from employers – completed more than nine million employment and income verifications in 2013, representing nearly one-third of the mortgage industry's total verifications for the year.
In today's real estate market, instant and increased transparency into a borrower's accurate income levels and employment status is a critical requirement. For lenders, these verifications have historically been manual, time-consuming processes that require confirmations from a wide range of sources. The Spectrum Platform streamlines the loan origination process by providing lenders with a fully automated verification solution that reduces fraud, improves overall loan quality and cycle times, avoids capacity issues and reduces costs.
"The increased emphasis on automation and third-party verification has transformed the overall mortgage process, making it much more efficient and productive for lenders," said Equifax Senior Vice Presidents Michael Kuentz and Craig Crabtree. "Our Spectrum Platform provides an unparalleled level of information and detail vital to the success of our lender clients, which is reflected in our established position as the market leader in verification of income and employment data."
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 19 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.