Vendor Automates IRS Check
Las Vegas-The Work Number, St. Louis, has automated its gateway to the Internal Revenue Service.
IRS Direct fulfills lenders' Form 4506 requests for tax transcripts directly to the IRS, giving the Equifax Consumer Information Solutions affiliate near 100% coverage when it comes to verifying the income of potential customers.
The new facility is just the latest improvement for Work Number. The service can now directly verify current employment and income on most consumers, either through their employers or through the government.
According to regional sales manager, Nancy Cragg, Work Number has access to more than 165 million employment records for people who work for one of nearly 2,000 employers.
Consequently, she said, 30% of such requests can be filled electronically and, therefore, instantly.
"More than 1,950 employers, from Fortune 500 companies to regional businesses to government agencies, provide data to the Work Number," Ms. Cragg said.
"We're continually adding new records, and most importantly, all data comes direct from employers, so verifications are authentic and current."
In cases where a manual verification is necessary, another 30% can be fulfilled in one business day, she said, and nearly 90% can be finished within five business days.
The Work Number also offers tax transcript and Social Security Administration authentication services.