Verifying deposits and assets is a recognized best practice in quality loan production, but traditionally it's been a slow and arduous task for both lender and applicant. Not anymore.
With Account Verification services from Equifax, your applicants can provide the information you need – direct from their financial institutions – in under 5 minutes. Read-only information is transmitted directly to the lender in a secure, digital format. Lenders have traditionally relied on consumers to provide copies of bank statements, which can be a logistical hassle for many, involving photocopies, faxes and mailing and shipping issues. With Account Verification services from Equifax, we eliminate this hassle and provide a faster, easier and considerably more secure method that virtually eliminates the potential for fraud or manipulated data.
Select the timeframe you require – 30, 60 or 90 days – and our patented account certification technology will monitor all of the accounts used to substantiate the application. Reports can be refreshed as often as necessary during the application process with no additional effort required.