Equifax and MeridianLink Expand Relationship to Support Streamlined Digital Lending Experiences

Rhea-AI Summary

Equifax (NYSE: EFX) has expanded its integration with MeridianLink (NYSE: MLNK), enabling instant verification of employment and income for credit unions, banks, and lenders. This integration supports a streamlined lending experience via the MeridianLink Consumer Loan Origination System, enhancing decision-making speed for lenders and improving customer experience. The Work Number provides access to 573 million records from 2.5 million employers, ensuring high security and privacy. This partnership aims to deliver faster loans and a seamless digital lending process for consumers.

Positive

• Expanded integration with MeridianLink enhances verification services for lenders.
• Access to 573 million employment and income records improves data availability.
• Streamlined lending experiences help credit unions and banks make quicker decisions.

Negative

• None.

Integration with The Work Number^® Extends Verifications to Additional MeridianLink Customers Including Credit Unions and Banks

ATLANTA and COSTA MESA, Calif., Oct. 12, 2022 /PRNewswire/ -- Equifax^®(NYSE: EFX) is expanding its integration of The Work Number^®  with MeridianLink^® (NYSE: MLNK) to now deliver instant verifications of employment and income to credit unions, banks and other lenders through the MeridianLink^® Consumer Loan Origination System (LOS). This builds upon the existing integration serving MeridianLink Mortgage customers, all in support of a streamlined lending experience across the MeridianLink One platform.

"Our new integration helps MeridianLink customers - such as credit unions and banks - make faster, data-driven decisions," said Shelly Nischbach, Vice President of Verification Services at Equifax Workforce Solutions. "Importantly, it also helps MeridianLink customers deliver the type of low-friction lending experience that consumers have come to expect, from auto loans to personal loans and beyond."

The Work Number is the industry-leading, centralized commercial repository of income and employment data in the United States, offering credentialed verifiers with permissible purpose access to 573 million records from 2.5 million employers. Powered by the Equifax Cloud™, its streamlined process provides the highest-class customer experience, quality, security and privacy. Through MeridianLink Consumer, lenders can now instantly leverage verifications via The Work Number to help improve both the lender and borrower experiences.

"We bring added value to our customers through our extensive partner marketplace, and our long-standing relationship with Equifax plays a vital role in our efforts to make the digital lending process as seamless as possible," commented Devesh Khare, Chief Product Officer at MeridianLink. "By providing more of our customers with timely, tailored data from The Work Number through our MeridianLink One platform, we are delivering on our promise to help lenders deliver loans faster." 

To learn more about verifications of income and employment from The Work Number service, visit the link here. Additional information on MeridianLink and its products can be found here.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com

ABOUT MERIDIANLINK
MeridianLink, Inc.® (NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes' 2021 lists of America's Best Credit Unions and Banks. Further information can be found at www.meridianlink.com.

FOR MORE INFORMATION
Daniel Jenkins for Equifax Workforce Solutions
mediainquiries@equifax.com

Becky Frost for MeridianLink
becky.frost@meridianlink.com

 

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SOURCE Equifax Inc.

FAQ

What is the significance of Equifax's integration with MeridianLink?

The integration allows lenders to verify employment and income instantly, improving lending processes.

How many records does The Work Number have?

The Work Number has access to 573 million records from 2.5 million employers.

When was the integration between Equifax and MeridianLink announced?

The integration was announced on October 12, 2022.

Which companies are involved in this lending integration?

Equifax and MeridianLink are the companies involved in this integration.

What benefits does the integration provide to credit unions and banks?

It enables faster, data-driven decisions and a seamless lending experience for customers.