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700Credit Rolls Out Instant Income and Employment Verification Solution

August 1, 2017

SOUTHFIELD, Mich. — 700Credit is pleased to offer Income PreCheck, an instant income and employment verification solution designed to help dealers verify a car buyer’s stated income and employment using Equifax Workforce Solutions’ The Work Number — a database of employer-provided income and employment information.

The instant income and employment verifications provide information such as employer name, employment status, job title, and an annualized income calculation. The Work Number, which includes payroll records from more than 8,500 employers nationwide — including more than 82% of the Fortune 500 and the majority of federal government civilian employers — is a proven verifications solution in the auto industry.

“Being able to verify income and employment information at the front end of the finance process improves the consumer experience by making the transaction process seamlessly with fewer roadblocks to financing,” said Ken Hill, managing director of 700Credit. “Knowing a consumer's exact income helps determine their eligibility for financing. A dealership's F&I Manager can work with the buyer to come up with the appropriate terms and conditions of a loan that meet lender guidelines and fit the buyer's budget.”

Dealers can use the verifications to view job tenure, which provides additional insight into repayment risk beyond what a credit score alone reveals. Equifax research shows that consumers whose job tenure is one year or less are almost twice more likely to go delinquent on an auto loan than consumers with job tenure of 10 or more years.

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