Equifax Personal Income View Software

Equifax Personal Income View or Consumer Income View is a product that helps businesses, particularly lenders, assess customer income. Customer income can be analyzed quickly without having to require pay statements or income documents from customers using the Equifax Personal Income View. The Equifax Personal Income View provides a seamless and quick estimation and assessment of customer income. This seamless and quick estimation and assessment of customer income bring a frictionless customer experience with the help of the Equifax Personal Income View.

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Equifax Personal Income View

Equifax Personal Income View Proces

Equifax Personal Income View works by combining consumer credit information with Equifax’s proprietary data assets. By combining consumer credit information with Equifax’s proprietary data assets, businesses can manage risk better. Better risk management equates to stronger growth because businesses can now better understand the financial behavior of customers.

Customers' income estimation is greatly improved further by adding the power of machine learning. The power of machine learning, combined with Equifax's multi-source, proprietary data assets and neural work technology, can exponentially improve the accuracy of customer income estimation via the Equifax Personal Income View. Equifax Personal Income View is also utilized in multiple industries, from prospecting, customer acquisition, account management, and debt management.

Equifax Personal Income View Update Schedule

Equifax Personal Income View changes its function across different industries. Different industries can use Equifax Personal Income View for their account management tools.

Equifax Personal Income View can be used in the banking and finance industry to effectively segment the population. Effectively segmenting the population corresponds to being able to create product and pricing options that will fit the customer’s estimated capacity to pay through the Equifax Personal Income View. Equifax Personal Income View can be used to cross-sell other services, such as overdraft protection, credit cards, or brokerage accounts.

Equifax Personal Income View can be utilized in the automotive industry by determining the type of vehicle specific customers can afford. Customers in the telecommunications industry can be segmented using their mobile phones. Their mobile phones can predict the capacity to pay for high-speed internet access and other value-adds through the Equifax Personal Income View.

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Equifax Personal Income View Timing

Equifax Personal Income View takes place in various stages of the customer lifecycle. The customer lifecycle is divided into four stages, namely prospection, customer acquisition, account management, and debt management.

Equifax Personal Income View assists businesses in having a more accurate income estimation. A more accurate income estimation leads to more confident decisions for businesses. Businesses also gain a much better understanding of the risk through the entire customer lifecycle using Equifax Personal Income View. Equifax Personal Income View also improves non-adverse action risk management and also enhances marketing and risk management in several industries like auto, card, insurance, financial services, communications, healthcare, and retail industries.

Outpu date from Equifax Personal Income View

Equifax Personal Income View provides improved income estimation accuracy for the majority of customers. Customers’ estimated incomes are measured precisely by a combination of powerful multi-source data and advanced machine learning technology.

The multi-source data assets give new and expanded attributes. New and expanded attributes have grown by 30% from previous models and are built from Equifax’s consumer credit database. Equifax’s consumer credit database uses trending data to analyze information over time to discover behaviors, patterns, and future trajectories of customers.

Customers' scores are accurately rated through NeuroDecision Technology. NeuroDecision Technology is a next-generation proprietary neural networking technology. This next-generation proprietary neural networking technology is powered by machine learning that uses a high-performance predictive model to produce a customer score.

Equifax Personal Income View Verify Employment History

Yes, Equifax Personal Income View verifies employment history through The Work Number. The Work Number is a more private and digital way to assist businesses in automating the process of employment verifications. Automating the process of employment verifications helps to streamline manual verifications of Human Resources (HR) departments for businesses.

Businesses, through credentialed verifiers, can instantly get employee information. Employees can receive credit, benefits, and other decisions faster without having to manually provide sensitive information. Sensitive information refers to private documents like income and employment documentation.

The Work Number uses income and employment data from 2.5 million employers across various industries, 573 million current and previous employment records, over two-thirds of the U.S. non-farm payroll, and over 60 technology partnerships with loan origination platforms. These sensitive data are backed and protected by the cloud.

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Equifax Personal Income View Verifies Debt

Yes, Equifax Personal Income View does verify the debt of a customer by adding another Equifax product like the Equifax Consumer Credit File. Equifax Consumer Credit File provides access to personally identifiable information. This personally identifiable information is for over 240 million U.S. customers that are daily updated from multiple sources. Multiple sources for daily updates ensure quality and more accurate data for businesses. Businesses are empowered with the tools and expertise to make better credit decisions, more approved loans, and more positive outcomes through an Equifax Consumer Credit File. Equifax Consumer Credit File provides expansive core data, enhanced with consumer-permission data from the beginning to produce predictive decisions and quicker onboarding.

Another way to verify the debt is through Equifax Undisclosed Debt Monitoring. Equifax Undisclosed Debt Monitoring is a platform that monitors a customer’s credit files throughout the loan closing process. The loan closing process can be at risk if businesses, such as lenders, cannot monitor new alerts. New alerts in the customer’s borrowing activity, such as new inquiries, tradelines, collections, public records, balance changes, scheduled payments, new late payments, tradeline bankruptcy, and tradeline collections, can represent potential risks to businesses. Businesses can mitigate repurchase risk and improve loan quality by identifying new debt incurred through Equifax Undisclosed Debt Monitoring. Equifax Undisclosed Debt Monitoring also helps streamline the underwriting process by focusing only on the loan files that need to be reviewed for undisclosed debt.