The Income Verification service from W2 provides a fast and efficient method to verify that a declared income matches the activity that is seen within their bank account. This service works by utilising the account data that is collected by Credit Reference Agencies (CRA) over a period of the last 6 and 12 months, calculates an average income and returns a decision based on the declared income.
Joint accounts the individual is linked to will also be taken into consideration and verification results will confirm that the bank account both exists and that the income deposited into the account is in line the declared amount. The service can also provide the age of the bank account; alerting you to the need for potential further due diligence on newly opened accounts depending on your own risk policies and procedures. Please note this service provides a non-intrusive verification of an individuals declared income.
Credit Check Data
The W2 Credit Check service provides you with various information elements businesses require in order to make a decision on the credit worthiness of an individual. Consuming this data via W2 and by combining with other risk mitigation services such as Income Verification, will enable businesses to build on a standard credit report, ensuring a robust and seamless customer on-boarding and risk analysis process.
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Learn more about how our income verification and credit checks solution can safeguard your business from unnecessary risks with the very latest of business reports.