Automated Income Check

WHAT IS AUTOMATED INCOME CHECK (AIC)?

Going beyond the customer's last paycheck or hourly rate, AIC is your definitive solution to employment and income verification delays.

Did you know most applicants "round" up or down when disclosing their income on a credit application?

How can you determine affordability early in the sales process? What if you could have accurate visibility into a consumer's financial position? You can with Automated Income Check or "AIC". Verify income and employment information before you work the deal. Lenders frequently require additional documents to ensure reported details are accurate. These stipulations can cause delays that are destructive to deals you have worked hard for.

AIC helps businesses gain a more accurate understanding of a consumer's financial position by providing information such as employer name, employment status, time on the job, and employer-provided income; that is as recent as the consumer's latest paystub.

In addition to confirming basic income and employment information, your business can view time on the job, which provides insight into repayment risk beyond what a credit score alone reveals. Equifax research shows that consumers whose time on the job is one year or less are almost twice as likely to go delinquent on an installment or auto loan compared to consumers who have ten or more years at the same job.

With instant access to employer name, annual income, job tenure, and much more, you can prequalify a consumer with confidence, meanwhile strengthening deals through access to actionable income and employment insights earlier in the buying process.

CBC offers the ideal solution to manage these delays. Automated Income Check is here to help you minimize your risk, improve your relationships with lenders, and leave customers with an impression they will remember with smooth and swift completion of their sales and finance experience. All without the hassle of any last-minute complications and renegotiating.