Equifax Surpasses 34 Million Verifications in 2013, Positions Company as Leader in Industry
Equifax Facilitates Faster Consumer Credit Decisions Through Instant Verifications of Income and Employment, Available 24 Hours a Day/7 Days a Week
ST. LOUIS, Dec. 19, 2013 (GLOBE NEWSWIRE) -- Equifax Workforce Solutions (NYSE:EFX), a leading provider of human resource, data, analytics and verification services, today released the following statement after announcing that for the first time ever, the company has processed more than 34 million instant income and employment verifications in one year. This is a near 40 percent increase from last year, highlighting a significant accomplishment for Equifax Workforce Solutions.
"Passing the 34 million mark is a great milestone for job-seekers, loan applicants, consumers needing government assistance, and employers around the country, as well as for Equifax," said Craig Leabig, Senior Director of Product Management, Equifax Workforce Solutions. "It takes time and resources to track down an applicant's employer, contact that employer and wait for the response. We simplify the process for applicants across the country by providing income and employment data instantly through The Work Number® service. Additionally, we leverage our extensive relationships with Human Resource departments at thousands of employers to streamline manual verification delivery when an applicant's information is not available instantly through our database."
Established in 1995, The Work Number® service has seen steady, consistent growth, with more than 70 percent of the Fortune 500 outsourcing their employment and income verification functions to Equifax Workforce Solutions. The Work Number® serves more than 3,000 employers nationwide and has more than 230 million payroll records under management. It is used not only by lenders but also by federal, state and local government agencies to maintain integrity various social service programs.
The Work Number is fully compliant with the federal Fair Credit Reporting Act (FCRA), and as such requires that:
- All verifier clients are credentialed
- A permissible purpose be provided for every verification request
- The employee-consumer has the ability to view their data file
- The employee-consumer has the ability to dispute data errors
The Work Number goes beyond FCRA, however, requiring not only permissible purpose but also consumer consent for the release of income or salary information.
Additional information on The Work Number® can be accessed at www.TheWorkNumber.com.
About Equifax
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 18 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.
CONTACT: Meredith Griffanti
Media Relations
(404) 885-8913
meredith.griffanti@equifax.com
Released December 19, 2013