Income Verification

FCA Authorised

FCA Authorised, ICO Registered

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The Problem

Without understanding an applicant's income, how much do you really know about them?

Nearly all credit decisions, including on affordability and in collections and recoveries are based on understanding a customer or applicant’s income. Without having a true reflection of income, it is nearly impossible to make a decision with 100% confidence.

Some customers are liable to not make entirely truthful statements while others may have complex financial arrangements, from gaining income from benefits, perhaps working in the gig economy, be retired or otherwise not receive a monthly salary.

The Solution

The solution to understanding an applicant or customers income with conviction is to use bank data.

Using bank data to provide a person’s income means that it cannot be altered or doctored to a number that places the applicant in a better light.

Using bank data also means that it is possible to understand the granularity that can be contained within some bank statements. With individuals receiving income from a diverse range of sources, including salary, income from part-time or gig economy work, pension or benefits, some individuals can receive money from more than one source on a monthly basis, and it can vary from month to month.

Using our unique service, backed by six proprietary algorithms, we can calculate an individual’s income, its source, and allocate it a confidence score, to give you the confidence that you need to make credit decision backed by data.

Verify income to truly understand your customers

Understanding applicants or current customers is only really possible once you understand what their income is. Whether it comes from a salary, wage, pension or benefits, there are myriad ways that an individual can receive an income. This can not only fluctuate from month to month, but be paid on different months.

Use income verification to truly understand your customers.

Affordability can be understood when income is.

Credit risk and affordability assessments can be made.

Use income as the basis to make further customer decisions.

Make decisions based on information that is real-time.

Information provided cannot be fraudulently altered.

Personal Loan Services

A top 5 lender in online lending services uses Open Banking data to provide a frictionless application and fast funding process. During the application phase, applicants are prompted to securely share their transaction data through the DirectID consent widget. A detailed view of the individual’s financial profile is then visible to underwriters in as little as 30 seconds, providing verification of account ownership, income and expenditure, and a magnitude of other affordability indicators.

Using Open Banking data to gather this information eliminated fraudulent applications, removed the guesswork associated with manual underwriting, and reduced the application to acceptance turnaround time, all without impacting the individuals credit score.

"The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect "

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James Varga, CEO, DirectID

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