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.