FRESNO, Calif. -

This week, credit report and compliance solutions provider Credit Bureau Connection (CBC) rolled out dealer access to income and employment data instantly, at point-of-sale through The Work Number, an Equifax service.

CBC highlighted that having fast access to income and employment data can enable dealers to close more sales by eliminating the risk of losing the deal because a customer was sent away from the showroom to collect proof of documentation and never seen again.

Additionally, with the potential of almost 25 percent of borrowers purposely or inadvertently inflating their stated income on auto loan applications by 15 percent or more, CBC insisted the risk of fraud increases dramatically for both dealers and finance companies.

The Work Number can provide dealers with the ability to verify their consumers' reported income and employment. Verifying this information can help the dealer clear common finance company stipulations generated during the financing process and validate data reported on loan applications to ensure accuracy.

The Work Number is a proprietary database owned by Equifax that has grown to include employer-direct payroll records from more than 4,800 employers nationwide.

“The odds of a buyer returning to complete a vehicle purchase decrease substantially if they are forced to leave the dealership,” CBC president and chief executive officer Mike Green said.

“Having the ability to satisfy this requirement of obtaining necessary income and employment proof, while the buyer is in the buying mode, is vital to a dealership’s closing ratio,” Green continued.

Green added that the ability to quickly verify income and employment information at the point-of-sale, versus sending away ready-to-buy prospects to retrieve paystubs or W2's, is advantageous from a strategic standpoint. This scenario can help ease the challenges of finance company “stips” and other potential roadblocks to financing.

“Our mission is to serve the dealer and lender communities alike through access to the highest quality database of income and employment data available in the marketplace,” Equifax senior vice president Michael Kuentz said.

“By partnering with CBC, our auto dealer customers are empowered to close more loans and create a better experience for auto buyers — while effectively protecting themselves from the negative impact of misstated income,” Kuentz continued.

Green added, “Moving forward with Equifax to offer instant income and employment verifications to the automotive industry takes CBC to yet another level of superior products and services as we all understand the value of retaining the customer at the dealership to finalize the deal.”