Phil Mazza, CEO, Financial Network, Inc.
Financial Network, Inc. (FNI) recently joined forces with Equifax to provide employment and income verification solutions to customers through a connection to The Work Number® (TWN) database — the nation’s largest centralized repository of employment and income information provided directly from employers. We asked Phil Mazza, FNI’s CEO, about the relationship and how it will help their customers succeed.
Q: Why did you decide to work with Equifax?
A: Equifax has a long history of providing employment and income information. Its access to payroll information from thousands of employers across the U.S. (including 82% of Fortune 500 companies and majority of federal government civilian employers) can provide lenders with information on millions of potential consumers. Equifax’s vast network makes them a fantastic partner.
Q: What does adding TWN to your platform provide your customers during the loan origination process?
A: At a high level it gives lenders instant access to employment and income information. In the past, consumers would provide a W2 or a pay stub to verify their income but these documents are easy to forge. TWN delivers employer-provided data that can be used to verify income and is refreshed every payroll cycle. Lenders generally don’t have to rely on consumers to provide their own income and employment validation.
Q: What makes TWN most helpful to auto lenders, specifically?
A: For lenders, using the FNI Blueprint platform, verifying income and employment information at the time of application — the first point of contact — is hugely important. Quick and easy access to employment and income information helps lenders expedite the lending decision process to help provide financing options to qualified applicants.
Q: Why is it important to you to have relationships with a variety of different integration partners, including Equifax?
A: “Network” in our formal name (Financial Network, Inc.) speaks to our desire to provide a broad network of choices for our lenders. We want to offer a range of high-quality options so a lender can tailor the right fit for their lending process. Equifax and everything offered via The Work Number database is a great addition to our catalog of integration partners. They are market leaders in their segment, so it was an obvious choice for us.
To find you how Equifax can help you reduce lending risk, increase loan profitability potential and decrease consumer friction, contact us. For more information about Financial Network, Inc., click here.
The post How Financial Network, Inc. is helping customers with The Work Number appeared first on Equifax Insights Blog.