Did you know most applicants “round” up or down when disclosing their income on a credit application?
AIC helps businesses gain a more accurate understanding of a consumer’s financial position by providing information such as employer name, employment status, time on the job, and employer-provided income; that is as recent as the consumer’s latest pay stub.
How can you determine affordability early in the sales process? What if you could have accurate visibility into a consumer’s financial position? You can with Automated Income Check or “AIC.” Verify income and employment information before you work the deal.
With this highly current and relevant insight, you can:
In addition to confirming basic income and employment information, your business can view time on the job, which provides insight into repayment risk beyond what a credit score alone reveals. Equifax research shows that consumers whose time on the job is one year or less are almost twice as likely to go delinquent on an installment or auto loan compared to consumers who have 10 or more years at the same job.
In summary, you can:
If you are ready to offer a better sales and financing experience that helps you put the right customer in the right loan, right away, with the right payments they can afford, then Automated Income Check, powered by Equifax, is for you.
Contact CBC today to add this valuable verification tool to your hard and soft pull credit reports.
AUTOMATED INCOME CHECK NEWSLETTER
September 8, 2020September 8, 2020 | | 0 Comment | 7:10 pm