New Data From Equifax Workforce Solutions Underscores the Value of The Work Number(R)
Service Helps a Growing Number of Employers Respond to Employee Verification Requests Quickly and Securely
ST. LOUIS, Oct. 1, 2014 (GLOBE NEWSWIRE) -- Equifax Workforce Solutions, a leader in human resource, analytics and verification services, and a business unit of Equifax Inc. (NYSE:EFX), today announced the release of key usage data on The Work Number®, the nation's premier employment and income service. Findings from this data are highlighted in a new infographic, showcasing how The Work Number streamlines the verification process, creating compliance efficiencies for employers and reliably expediting requests for employee employment status.
How it Works
Whether buying a house or car, renting an apartment, qualifying for a loan or applying for government programs, employees often rely on their employers to verify their employment status and income. In such situations, a timely response is critical; yet, the process of verifying this information can be time consuming for the employer. Any delays can have a significant impact on the employee – potentially resulting in a higher mortgage rate or the employee not receiving approval for an apartment rental. Recognizing this market need for a robust solution that can automate these activities, Equifax Workforce Solutions brings great benefit to employers and employees alike through The Work Number, enabling a fast, streamlined verification process that gives employees the support they need for their most important purchases and financial decisions.
Did You Know?
The Work Number, with its database of over 247 million active and historical employee records, has proven to be a valuable tool for employers and employees alike, enabling employers to give their workers a timely, efficient and secure method for processing verification requests. Throughout 2013, over 56 million verifications were completed on behalf of employers.
Benefits for Employers and Employees
Understanding how it can streamline the verification process, more than 3,900 employers, including nearly 75 percent of the Fortune 500 as well as small regional and local firms, currently supply their employment and payroll information to The Work Number. Equipped with this information, Equifax Workforce Solutions can manage employment and income verifications on their behalf, removing the administrative costs and time spent on such activities, while helping the company mitigate security risks. As a result, employees benefit from knowing that their verification requests will be processed in a timely, efficient and secure manner, and, in conjunction with permissible purpose, their financial interests are well protected.
"When employees require verification for a major purchase or loan approval, time is often of the essence and any delays can impact the process and reflect negatively on the company," said Eric Bloomquist, vice president, Verification Services, of Equifax Workforce Solutions. "We are proud to partner with so many employers who have recognized the value that The Work Number brings to the verification process. Not only does The Work Number ensure expedited decisions, reduce risk and save considerable time and money, but it also improves employee engagement by enabling the company to support its staff through their most important life events and financial choices."
Learn More
Equifax Workforce Solutions will be exhibiting The Work Number and its other leading workforce information solutions at the 2014 HR Technology Conference & Expo. Conference attendees can learn more and view product demonstrations of these solutions by visiting Booth No. 1735 during the conference's exhibition hours.
Additional information about The Work Number service can be accessed at: https://www.theworknumber.com/.
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. Equifax Workforce Solutions (also known as TALX), an Equifax business unit, is a leading provider of human resource, data, analytics and verification services.
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.equifaxworkforce.com or www.equifax.com.
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CONTACT: 1550 Peachtree Street, N.W.
Atlanta, Georgia 30309
Pam Stevens
Equifax Workforce Solutions
(314) 214-7235
Pam.stevens@equifax.com
Released October 1, 2014