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Top 5 Best Online Income Verification Tools

Companies are always trying to find tools and methods to save time. Through online income and employment verification tools, they can do just that — not only companies but individual applicants as well.

For organizations that offer loans such as mortgage, auto, and credit cards, they need a quick way to be able to verify the income of their borrowers. Lenders would have to go to the human resources departments to confirm the borrower’s income details. Similar issues exist in property management and rentals, where a property manager is required to verify a tenant applicant’s income. Through online income verification tools, the income verification process can be done much more smoothly.

The applicant benefits from a speedy and efficient income verification process as well. For example, applicants want to quickly receive approval from their next potential apartment and are required to verify their income to meet the property manager’s qualifications. In order to verify their income, they would need to manually add up all their previous paystubs and W-2s.

The tools listed below help property managers, rental applicants, borrowers, and lenders save time and get the results that they want.

1. EquiFax

Top of the list of online income verification tools for 2019 is Equifax. The verification program of Equifax is called “The Work Number.” The company was first created by TALX corporation and then Bought by Equifax in 2007. Organizations that use the verification tool are currently 82 percent of Fortune 500 as well as a large number of majority of government civilian employers. A large number of small and medium-sized business and various types of businesses are using this service as well. Fannie Mae, Hilton Hotels, Rent-A-Center, The United States Postal Office, and The University of Pennsylvania are just a few that use the company’s income and employment verification system.

What makes this service so great is that it hastens the service to verify income and employment verification. Without this kind of service, a lender would have to go to the human resource department of one’s job to confirm such information. Now through this, it can be done more quickly since the data is located in the system.

For commercial verifiers, The Work Number allows them to keep up with complex requirements to provide a thorough report of the borrower’s ability to repay very quickly and smoothly.

Equifax Verification Services through The Work Number provides services for employees, employers, commercial verifiers, and social service verifiers.

For employees, an account can be created through which a unique six-digit code would be provided to them. When an organization needs to verify their income or employment. They then provide this code to the requester, which allows them to view their data with their permission through The Work Number’s database. This makes the process much quicker. In addition to this, the landlord or lender has access to the employee’s information 24 hours a day.

Commercial verifiers include industries such as mortgage, auto, credit card, consumer finance, pre-employment screening, property management, and education. Products provided by The Work Number for these verifiers include not only income and employment verification but also identity assessment and authentication as well as 4506-T Tax transcripts.

The data on the Work Number is up to date. Each time an employer runs payroll, the system is being updated so clients who use the data can ensure they are getting accurate information.

For Social Service verifiers, such as government agencies that administer the federal, state, or local public assistance to low-income families and individuals can use such services to help confirm the information that the applicant provided. Through The Work Number, these verifiers can instantly validate the client’s employment and income before issuing public assistance.

Many government agencies that administer federal, state, or local governmental assistance had to go through a strenuous process in order to do validate the information. The Work Number now makes this process much easier and accurate. These agencies can also be provided with verification of employment, identify assessment and authentication, as well as IRS income verification – 4506-Tax transcripts services.

For all of the data requested, there are also flexible delivery options to the requester. As stated on the site, “There is no other provider who offers automated, instant access to all of the specific employer payroll records available on The Work Number database.” Those who are interested in the service can contact them directly to get a quote.

2. InVerify

InVerify is known for being a team composed of those who have worked in various fields such as human resources, banking and education industries, as well as outsourcing and systems integration and HR processes. As one reads their site, they boast of their easy to work with system and customer service.

The services that InVerify provides are not just verification services but also employee self-service, government verification services, data integration services, HR consulting services, and InVerify partner services. Their key purpose to provide these services is to support the HR departments of various organizations so they can focus on other important HR works.

The company goes under careful precautions to provide data privacy. InVerify has top security, which includes 128-bit encryption, SSAE 16 Data Center facilities, Monthly Vulnerability testing, and Regular Application Risk Assessment and Audits. In addition to this, all of their employees must go through a careful background screening process.

Testimonials on their site emphasize the customer service, and how they helped increase the profitability of companies as more people were focused on what they need to do, saving much time and money.

To get a price, interested clients can contact InVerify staff members through their website or by phone. For government agencies, verifications are provided at a minimal to no cost.

3. EmpInfo

EmpInfo verification services are third on this list for the top online income verification tools in 2015. As listed on their site’s main page, the company is trusted by Fintech, bankers, and mortgage leaders. Organizations that use EmpInfo are Bank of America, Citi, U.S. Bank, and LexisNexis. Their team of staff has had various experiences with helping to develop companies that include Facebook, Apple, and Netflix.

The company boasts of its features that are easy to use, helping employers and employees to easily apply for a loan, credit card, auto loan, mortgage, etc., and be notified of approval more quickly.

Implementing the system, which is highly secure using 256-bit SSL encryption, takes less than a couple of days. EmpInfo provides authorized access only. Therefore, only those who register with EmpInfo and go through a certain process are registered with EmpInfo so clients are sure to be provided with accurate information.

Employees are notified real-time via email or text whenever their records are accessed and can even put a lock on their own information. To access the verification reports, they can be printed, downloaded, or mailed. This report provides text and visual graphs to help the recipient understand it easily.

4. CCC Verify

Next is CCC Verify. Corporate Cost Control is a company created in 1965. It helps companies, especially in difficult economic times. Its expertise is in unemployment business and agency, human resources, and cost control account management.

Their income and employment verification services, which are free for government agencies, are provided for different kinds of clients.

For employees, after they are logged in, they can access their own information while also seeing who has been viewing their information. In addition to this, they can block access, provide verification information, and dispute errors. They can be notified every time someone verifies their information by setting up automatic email notification.

For private verifiers, there is a fee of a maximum of $39.99 for each verification. The verifiers must have a valid Permissible Purpose for why they are verifying the information they are requesting and must be credentialed by CCC Verify staff. Reprinting is available for the verification that was previously purchased by this verifier.

For government verifiers, CCC Verify offers these agencies free employment verifications, income verifications, as well as health and dental insurance enrollment status for not only current but also former employees.

Services for employers are also available, and the company directs employers to contact them directly to get more information on how to set up the system.

5. The Closing Docs

The Closing Docs is an automated income verification tool that allows property managers to streamline their tenant approval decisions using verified income data.

The founders, Stephen Arifin and Mark Fiebig, realized a major bottleneck during the leasing process in verifying an applicant’s ability to pay rent, especially with property management firms trying to scale. Most property management firms use outdated methods such as manually checking pay stubs and tax returns that are prone to fraud. The Closing Docs collects verified income data directly from the applicant’s bank statements instantly, streamlining the tenant screening process.

The income verification works by first connecting the applicant’s bank account and collecting the applicant’s bank statements directly from the bank. Once received, The Closing Docs runs calculations on the applicant’s deposit history to calculate an income summary, containing the applicant’s yearly net income, monthly net income, and non-recurring deposits such as bonuses.

The Closing Docs provides income verification services for small-time landlords with only one property, large property management firms with thousands of properties, and property management software and tenant screening companies providing online services for other property managers. For the small-time landlord, The Closing Docs provides a web interface to manually screen the applicant’s income.

For larger property management firms, The Closing Docs provides an embeddable rental application with income verification built-in that integrates with popular property management software such as Buildium, Yardi, On-Site, and more. The Closing Docs also allows property management software and tenant screening companies to create an additional source of revenue by directly integrating The Closing Docs’ income verification technology into the property management software or tenant screening company’s product offerings.

Each income verification screening starts at $10, charged either to the applicant or the property manager. Contact The Closing Docs to learn how you can utilize their income verification technology to give your company a competitive advantage, or sign up now to get three free income screenings.

source: Top 5 Best Online Income Verification Tools 

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