ATLANTA, Sept. 2, 2021 /PRNewswire/ -- COVID-19
spurred changes in consumer migration patterns and housing
preferences that have led to significant changes in multi-family
property demand. Equifax® (NYSE:EFX) is addressing the
rapidly evolving needs of the multi-family industry with a new,
cloud-based Digital Identity Suite designed to help protect renters
and property owners against identity fraud, reduce application
friction, and mitigate fraud risk. When used alongside income and
employment verifications from The Work
NumberⓇ database, the solutions can help
credentialed property managers make more informed decisions and get
rental applicants into homes faster.
"Improving consumer experience, protecting against identity
fraud, lowering application friction and streamlining the screening
process can help property managers attract new tenants and maintain
higher rental occupancy rates," said Tom
Ciulla, Senior Vice President, Enterprise Alliances for
Mortgage & Housing at Equifax. "Our entire line-up of
multi-family solutions offers a comprehensive and customizable way
for property managers to help build trust with applicants –
starting at the very first touchpoint, which is identity
verification."
With over 44 million households currently renting in the U.S.,
property managers need solutions to help verify the identities of
potential renters quickly and efficiently. Industry experts
predict rental demand will climb over the next five years, making
it even more important for property managers to know their renter -
protecting themselves and the consumer from identity theft. In
2020, 47 percent of Americans experienced some form of financial
identity theft according to the Aite-Novarica Group. Fraudulent
renters applying for apartment units under someone else's name and
social security number can quickly become an issue for property
management firms, rental agencies and leasing agents, causing high
financial losses.
The Digital Identity Suite from Equifax helps property managers
verify applicants' identities at the first point of contact to
develop a baseline for subsequent interactions with that consumer.
Getting the consumer's identity right the first time can assist in
improving the overall experience and provides dual protection for
both the consumer and the property manager. This new offering
provides a layered approach to helping address identity fraud,
including:
- Digital Identity Trust
Data match(es) and
assessments verify the applicant's identity in real-time using as
little information as a phone number, email, address and mobile
device.
- Document Verification
Increase confidence in the
applicant's identity using mobile capture and facial
recognition.
- Identity Authentication with InstaTouch® ID
Bridge
the gap between a frictionless consumer experience and minimizing
fraud risk by leveraging patented mobile technology to authenticate
an applicant's identity and pre-fill information quickly and
confidently via a simple authentication check.
- Secure Multi-factor Authentication (MFA)
Strengthen
security and improve confidence by authenticating a mobile device
and Subscriber Identity Module (SIM) card to ensure the applicant
is in possession of the same device at the time of the
interaction.
- FraudIQ® Synthetic ID Alerts
Leverage proprietary
Equifax Artificial Intelligence (AI) algorithms and modeling to
create holistic profiles that can unmask synthetic identities
before a business is compromised.
"Getting the consumer's identity right the first time improves
the overall application experience for both parties," continued
Ciulla. "We are confident that the new Digital Identity Suite will
be a trusted solution for property managers looking to strengthen
their interactions with consumers at the outset."
Adding automated verifications of income and employment
also can help property managers improve the application experience,
making it quick and easy for both parties. By verifying applicant
provided income and employment information through The Work Number
database, property managers with a permissible purpose under the
Fair Credit Reporting Act can tap into near-real-time data to keep
an application moving forward. Applicants also appreciate not
having to find, download, gather, submit and sometimes update
documentation as part of the application process. These benefits
also extend to rental housing providers involved in subsidized
housing. Employment and income verifications through The Work
Number service can provide the same efficient and timely benefits
to Public Housing Authorities (PHAs) and the apartment owners who
offer reduced rents to low-income tenants.
Since pioneering automated verifications 25 years ago, The Work
Number service has gained the trust of more than 1.2 million
employer contributors. Credentialed verifiers with permissible
purpose can quickly and securely tap into the largest commercial
source of consolidated employment information with more than 119
million active records, including those from thousands of
small-to-medium-sized businesses and independent contractors. With
employment and income verifications from The Work Number, housing
providers can quickly receive the necessary data to more
efficiently verify information provided on rental applications.
For more information on Equifax services for the rental and
multi-family industry, please visit Equifax.com.
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 12,000 employees worldwide, Equifax
operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information, visit Equifax.com
FOR MORE INFORMATION
Kate
Walker for Equifax
MediaInquiries@equifax.com
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SOURCE Equifax Inc.