Equifax Salary Data Is For Sale And Employment Verification Solution Service
Equifax is a credit reporting agency. Equifax keeps track of borrowers' credit histories in order to generate credit reports and scores. It sells this information to banks and other financial organizations to assist them in determining their customers' credit risk. Fair Isaac Corp. (FICO), Experian, and TransUnion are the other major credit agencies in the United States.
It will contain:
- Previous annual salary
- Previous paycheck amounts
- Previous addresses
- Who has accessed the report in the past 24 months
Using Equifax's Work Number database, Pre-Employment Verifications instantaneously offers employer-reported, current, and historical employment data on prospects. Employers can make more educated, fact-based, and fast recruiting choices with this verified employment data, resulting in improved quality of hire, retention, and compliance.
The Work Number database allows verifiers to quickly and securely access information given by your company. The nicest part is that you almost never have to do anything.
You normally don't need to take any further procedures if you're purchasing a house, asking for a government benefit, financing a vehicle, or engaging in a comparable transaction that requires your job data. Credentialed verifiers have safe, 24/7 access to your data thanks to the Work Number database.
Equifax is dedicated to safeguarding your personal information. We're committed to stewarding the data entrusted to us safely and respectfully as we work to strike the right balance between people's privacy and the critical role data plays in today's contemporary economy.
The Fair Credit Reporting Act (FCRA) regulates the Work Number® database, and as a result, we give customers with 24/7 online access to their Employment Data Report as well as the option to exercise their existing privacy rights under federal law. Individuals have the right to know who requested their payroll data and the authority to contest any false employment or income information on their report, among other things. The CCPA does not apply to data controlled by the FCRA or data used for employment reasons.
- It's an automated way for me to have my employer confirm my employment and/or salary information without having to track down someone in HR. This is especially useful in cases where I no longer have access to internal systems at previous employers.
- Access to your employment data can be restricted. That said, it won't stop employers from handing over your information to Equifax on a silver platter, and it won't protect you from the inevitable data breach, which will force Equifax to give everyone affected $0.36 or a year of free credit monitoring.
- The EU's approach is far superior. Personal data (anything that can be used to identify you as a person) is your property, and the default setting is "no permission to use."
- Equifax is dedicated to protecting the privacy of your personal information. We're committed to ethically and appropriately stewarding the data entrusted to us as we work to strike a balance between people's privacy and the critical role data plays in today's economy.
- Much easier for a lender to verify your income if you're looking for a mortgage. Paystubs can be submitted, but they can be forged. The same goes for bank statements. A bank can only verify your pay by calling your employer directly. And if a bank calls your employer to verify your pay and they know your date of birth, social security number, and home address, your employer is likely to inform them anyhow. Even if your employer just verified or rejected it, they may phone and binary search it repeatedly. Given the requirement for mortgage companies, banks, and other financial institutions to verify your income and work history, it's not unreasonable to believe that a centralized database exists, and that it's protected by what should be kept secret (SSN, DoB, address).
The California Consumer Privacy Act (CCPA) is a law passed by the state of California that aims to improve people' privacy rights and consumer data protections.
It's completely free! Each week, get a free credit report from each of the national credit bureaus. Under certain conditions, you may be entitled to additional free credit reports.
To gain access to data, each verifier is vetted and must meet tight criteria. Every verification is recorded so that you can see who requested what and when. Employees can see their employment and salary data online at any time, as well as a two-year history of The Work Number verification requests.
An employment verification letter from an employer, which provides the employee's dates of employment, job title, and income, is the most frequent form of proof of employment. It's also known as a "proof of employment letter," a "letter of employment," or a "job verification letter."