Experian Introduces New Integration Providing Lenders with Access to Payroll Account Data

Nov 8, 2021Financial Literacy, News

Experian recently introduced new verification capabilities that provide lenders with access to more than 120 million permissioned consumer payroll accounts from more than 40 of the top payroll providers in the United States. The move will both empower consumers and enable lenders to confirm the income and employment status of more borrowers.

“We’re committed to creating greater financial opportunities for consumers, while helping lenders extend credit responsibility,” said Michele Bodda, President of Experian Mortgage, Employer Services and Verification Solutions. “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.”

Citadel API is a rapidly growing payroll API company that allows consumers to easily verify income and employment by leveraging payroll account data. The new integration allows consumers to quickly grant access to their payroll accounts when applying for a loan or mortgage. This, in turn, allows Experian to give lenders and verifiers a confirmed income and employment report.

“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,” said Citadel API CEO Kirill Klokov. “Together, we can help consumers take control of their data and bring more transparency into the process.”

The addition of consumer permissioned access to payroll accounts is Experian’s next step in its commitment to expand consumer permissioned verification capabilities. It follows efforts in 2016, when Experian AccountView was introduced to leverage permissioned bank data to help lenders quickly confirm income, assets, and employment.

Experian also introduced Experian Verify earlier this spring, which gives lenders coverage options for verifying employment and income to avoid expensive manual processes.

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