Analytics firm Interthinx is expanding an existing business partnership with Equifax Inc. (EFX) to provide financial institutions with up-to-date information on borrower income and employment data. As part of the deal, Interthinx clients gain access to Equifax’s automated solution, The Work Number, which verifies employment and income data using information pulled directly from recent payrolls. The information will be accessible to financial institutions through Interthinx’s FraudGuard System. The integration of FraudGuard and The Work Number is part of an ongoing plan to provide investors and other parties with precise information on potential risks associated with borrowers applying for mortgages and other financial products. “We have relationships with employers, and they provide their payroll data to us every time they run payroll,” said Janet Ford, senior vice president of the Equifax service. “Before The Work Number, lenders would contact an employer directly and would then request this information. As you can imagine, that can become a tedious process for an employer.” FraudGuard is now able to provide high-level scoring analytics using The Work Number income and employment data, according to Mike Zwerner, senior vice president of business development at Interthinx. Earlier this year, Interthinx said it would launch Equifax’s undisclosed debt monitoring system as part of its own service. The debt monitor detects new debts issued to borrowers during the critical 30- to 45-day quiet period of the loan application cycle. From the time a loan application is filed to close, underwriters are generally unable to detect new debts issued to the applicant during the quiet phase. This often leads to a situation where loans are approved without the appropriate level of scrutiny. The inclusion of the undisclosed debt monitoring system is expected to remedy the problem of overlapping debt. Write to: Kerri Panchuk.
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