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Open Banking Automated Income Verification

Rapidly, accurately and automatically verify customer declared income through Open Banking transactional data
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Product Overview

Identifying customer income accurately can be complex, we can help you address even more complex cases such as joint accounts, multiple salaries and adhoc salaries using open banking. Our income solution enables organisations to fully understand the composition of a consumer's income and helping you verify or estimate income more accurately leading to better credit decisions. When used alongside credit data, we can help you increase automated verification of declared income by 20%.¹
¹Equifax 2022

How It’s Used

Capture The Declared Income From The Customer
This could be Gross Annual or Net Monthly income.
Gather Actual Credit Transaction Payments To The Customer
Via our secure and low friction Open Banking connection journey.
Apply Income Verification Algorithms 
To assess the number of salary and income streams, income frequency, change in
employer, employment type.
Due Diligence Of Income 
Calculate observed income over the period in question and compare to the customer declared income.
Decide On An Appropriate Output Value 
Assign the output value based on the type and amount of income evidenced over the desired period.
Delivery  
Via an API and fed into your decision systems or viewed via our modular dashboard.
Support Regulatory Requirements
The regulations for providing secured or unsecured loans suggest that lenders must take reasonable steps to determine a customer's current income. Equifax's Automated Income Verification can help support you in meeting regulatory requirements by providing precise, granular and flexible, real-time income verification through our expert understanding and analysis of transaction data.
How will it benefit me and my customers?

More Accurate Income Estimation

Working alongside your own income solution or Automated Income Verification we can provide an evidenced estimate of income where a declared income cannot be verified. We can provide accurate estimates of a customer’s income with individual income components and a confidence ranking of the income estimated and includes factors such as recency, coverage, stability and variability.
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Built To Your Requirements

Case Management
Complex cases are identified, flagged, addressed and automated.
Flexibility
Clients can use parameters to tailor the solution to their sector and proposition.
Supporting Attributes
Automated Income Verification code and supporting attributes are provided.

Related Resources

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To access your Personal Credit Report, visit https://www.equifax.co.uk

To query your Personal Credit Report or get help, visit https://help.equifax.co.uk/EquifaxOnlineHelp/s/

To access your business credit report, download our Business Report form and return your completed form to us via post or email using the information provided on the form.

Send an email to our customer service team via hello@equifax.com and we'll get in touch with you directly.

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Get in touch and see how we could help automate your income verification with Open Banking.
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Learn more about Automated Income Verification

Download our brochure for more detail about our Open Banking powered automated income verification solutions.
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