Equifax Enhances Business Verification Solution with The Work Number® and Digita ...

EQUIFAX LAUNCHED A REAL-TIME, KNOW YOUR BUSINESS ONLINE Business Verification Solution last year to help U.S. lenders and businesses of all sizes make faster, more informed decisions about onboarding new accounts or vendors. The cloud-based solution provides an easy-to-read report that provides a more complete view of the business applicant and the principal owner.

Now, Equifax is enhancing its Business Verification Solution by incorporating data from The Work Number® and Digital Identity Trust.

These new enhancements are primarily designed to reduce risk by providing more robust identity verification. These improvements help confirm the identity of the individual as well as verifying their association with a business, preventing misrepresentation, ensuring genuine interactions with business services, and ultimately enabling lenders to make faster, more confident decisions and improved compliance.

The Work Number Elevates the Business Verification Solution

"Business Verification Solution with The Work Number gives lenders a powerful new tool to help mitigate fraud by confirming not just the legitimacy of a business, but also the legitimacy of the person behind the application," said Sal Hazday, Senior Vice President and General Manager of the Equifax U.S. Information Solutions Commercial Business. "By combining real-time business identity verification with powerful person-to-business linkage, we're helping lenders make faster, more confident decisions-reducing risk, improving compliance, and safeguarding access to capital."

The Work Number API is built into the Business Verification Solution workflow, allowing users to seamlessly integrate enhanced risk protection into existing onboarding processes. This added layer is a critical tool because of the risk of a loan applicant misrepresenting their own identity or an association with a legitimate business. This risk is heightened as more than five million new business applications have been submitted in the U.S. each year since 2021.

An Additional Layer of Defense: Digital Identity Trust

Additionally, the Digital Identity Trust data component has been integrated into the Business Verification Solution. Using proprietary data sources, trust logic and recommendation methodology, this digital identity assessment provides a recommendation to verify an applicant using six critical digital data points: identity, address, phone, email, date of birth and social security number. This helps to verify individuals interacting with a business' services are genuine and are who they say they are, which can support boosted approval rates and revenue growth.

For more information on the latest enhancements to Business Verification Solutions, click here.