The goal of the partnership is to connect DMS clients with The Work Number’s database, which Equifax says holds records from more than 75% of Fortune 500 companies and a growing number of small- and mid-size employers. In addition to helping to minimize exposure to fraud, said Scott Collins, senior vice president of Equifax Verification Services, third-party verification can help reduce transaction times.
“Our income and employment verification solution rounds out the DMS offering by enabling instant access to data that can help their clients reach business decisions faster,” Collins said. “Being in a position to have a more comprehensive view of a consumer’s credit profile will help give these lenders greater confidence around credit risk and their customers’ ability to repay.”
Headquartered in Addison, Texas, DMS offers risk management solutions to a number of industries. The company’s executive vice president, David Graves, said DMS and Equifax share a “mutual goal” of improving the origination process.
“We continually survey the market and work with our partners to evaluate new data sources for our clients, and the addition of The Work Number will allow us to provide access to a unique and beneficial data set,” Graves said.