Types of services which require income verification include home loans, property rental applications, health insurance and government aid, among others.
What does income verification involve?
The process of income verification is straightforward, but involves multiple steps and parties.
The applicant will firstly complete a form soliciting a given service. The servicer will then respond and request proof of income documentation. These documents usually include W2, paystubs, 1099’s, bank statements, tax returns or a letter from an employer.
Upon receiving the documentation, the servicer must then carry out income verification on the documents, usually accomplished by contacting the employer directly.
What are the issues with manual income verification?
When carried out manually, all of the income verification steps can become convoluted by human error, processing time, or incorrect and outdated documents.
This can be especially frustrating when time sensitive applications are relying on the manual income verification.
However, as digital solutions emerge, credentialed access to a consumer’s payroll provider (ADP, Workday, etc.) is a growing trend.
That’s where Atomic comes in
Atomic’s API payroll solution streamlines the income verification process by connecting directly to an employee’s payroll account.
As a result, granting income verification can be completed in real time using accurate, up-to-date, verified data.
This straightforward, secure system opens doors to consumers looking to utilize other pieces of their credit report, such as years employed, total annual income, job title, and hours worked.
Both the service provider and the consumer can benefit from Atomic’s payroll connectivity, allowing for lending with less risk, better rates, and faster approval.
Would you like to find out more about how we can help with income verification? Request a demo today.