Experian Expands Verification Solutions Business With Consumer Permissioned Payroll Data From Citadel API

Rhea-AI Summary

Experian has unveiled new verification capabilities designed to connect lenders with over 120 million consumer permissioned payroll accounts. This initiative, enabled through a partnership with Citadel API, aims to facilitate seamless verification of income and employment for borrowers. Consumers can authorize access to their payroll data, which allows lenders to receive verified income reports, expediting loan approvals. The integration strengthens Experian's verification solutions, enhancing options for lenders while empowering consumers to control their data.

Positive

• Access to over 120 million consumer permissioned payroll accounts enhances lenders' verification capabilities.
• Empowers consumers to manage their data during loan, mortgage, or employment applications.
• Partnership with Citadel API improves customer experience and enables quicker loan approvals.

Negative

• None.

New integration provides lenders with access to more than 120 million consumer permissioned payroll accounts

COSTA MESA, Calif.--(BUSINESS WIRE)-- In a move that will empower consumers while enabling lenders to seamlessly verify the income and employment status of more borrowers, Experian® today introduced new verification capabilities that can connect lenders to over 120 million consumer permissioned payroll accounts. By leveraging technology from Citadel API, Experian is bolstering its existing suite of digital verification solutions to provide lenders with access to permissioned payroll records from more than 40 of the top payroll providers across the United States.

“We’re committed to creating greater financial opportunities for consumers, while helping lenders extend credit responsibly,” said Michele Bodda, President of Experian Mortgage, Employer Services and Verification Solutions. “This depends on ensuring our clients are prepared with the best insights the market has to offer. With this new solution from Citadel API, we’re empowering consumers to take control of their data while giving our clients new, flexible options to achieve their verification needs.”

Experian’s new partnership with Citadel API allows consumers to quickly permission access to their payroll accounts when applying for a loan, mortgage or employment by authorizing use of their payroll provider login credentials. Using this consumer permissioned data, Experian will deliver a verified income and employment report back to the lender or verifier.

“Experian understands that investing in Citadel API’s technology can improve their customer’s experience,” said Kirill Klokov, Citadel API CEO. “In partnership with Experian, we can help millions of consumers unlock their data to verify their income and employment status, enabling quicker mortgage and loan approvals often with better rates. Together, we can help consumers take control of their data and bring more transparency into the process.”

Adding consumer permissioned access to payroll data to Experian’s Verification of Income and Employment suite of services is the next step in Experian’s long-term commitment to expanding its consumer permissioned verification capabilities. Experian’s first consumer permissioned solution, Experian AccountView™ was introduced in 2016 and continues to receive strong interest and adoption from lenders. Experian AccountView leverages permissioned bank data to help lenders quickly verify income, employment and assets.

Both consumer permissioned offerings as well as Experian Verify™ – Experian’s real-time income and employment solution – give lenders maximum coverage options for verifying income and employment so they can avoid complex and costly manual processes. Experian Verify provides lenders, employment screeners and government verifiers instant access to millions of active payroll records from Experian’s growing network of exclusive employer records. The solution launched earlier this spring and has already become one of Experian’s most successful product adoptions.

To learn more about Experian’s Verification Solutions business and solutions, please visit www.experian.com/verify.

About Experian

Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 17,800 people operating across 44 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian. Other product or company names mentioned herein are the property of their respective owners.

About Citadel API

Citadel API, a fast growing payroll API company, allows consumers to verify income and employment easily and with their consent by leveraging their payroll accounts to extract the necessary data for verification and sending the data back to the company that requested the verification.

The Citadel API team includes engineers, product managers and business operations leads who built and launched products at Apple, Uber, Facebook, Carta, Venmo and Telegram. Citadel’s investors include Abstract, Lachy Groom, Fathom Capital, Soma VC, and a number of individual investors.

Learn more at https://www.citadelid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005290/en/

Amanda Garofalo

Experian Public Relations

1 714 460 3739

amanda.garofalo@experian.com

Kyle Arteaga

Citadel Media Contact

kyle@bulleitgroup.com

Source: Experian

FAQ

What new capabilities has Experian introduced for lenders?

Experian has introduced verification capabilities allowing lenders to access over 120 million consumer permissioned payroll accounts.

How does the partnership with Citadel API benefit consumers?

The partnership allows consumers to easily permission access to their payroll accounts, facilitating quicker and more transparent loan approvals.

What is the significance of consumer permissioned payroll accounts in lending?

Consumer permissioned payroll accounts provide lenders with verified income and employment data, reducing manual verification processes and associated costs.

When did Experian launch its first consumer permissioned solution?

Experian's first consumer permissioned solution, Experian AccountView, was launched in 2016.

What impact does Experian Verify have on lenders?

Experian Verify offers instant access to millions of active payroll records, enabling lenders to verify income and employment quickly and efficiently.