The Verification Exchange is connected to multiple sources of employment income information.
Proof of employment income is used by banks, financial service providers and other organisations to help them understand your earnings and financial capacity.
For example, you may be asked to provide proof of your employment income when:
buying or leasing a car
applying for a mortgage
applying for a credit card
applying for a personal loan
The company that needs to verify your employment income (known as a 'Verifier') often asks for a number of payslips or a letter from your employer to confirm where you work and how much you earn.
This can take both you and your employer some time, especially if your employer's HR or payroll team are busy or on leave. And if you have moved on to a new employer, it can be even harder as you do not work there anymore. There is also a risk that your employer unknowingly provides personal information to Verifiers, or persons posing as Verifiers, without your consent.
Equifax Verification Exchange® is a solution used by employers to securely automate the verification process of your employment income. Your information is only released if you give consent to the Verifier and is not used for any other purpose. It is a secure solution from Equifax that offers credentialed Verifiers the ability to verify your employment income information, from both current and past employers, where that information is available through the Verification Exchange.
Verification Exchange provides an accurate and up-to-date report of your employment income history for Verifiers, to help you accelerate their decision-making process. You have complete control over the Verifier who can access your employment income details.
The Verification Exchange is connected to multiple sources of employment income information.
When a credentialed Verifier needs proof of your employment income, they contact the Verification Exchange.
With your consent, they submit a request for an Employment Income report.
Once the report is generated, it is shared only with the credentialed Verifier that you authorised.
You are in control of your data
No information is released by the Verification Exchange without your consent.
If you’d like a copy of all your personal information held in Verification Exchange, please contact us. We can provide the information within a reasonable period after your request is made and usually within 30 days.
You can also request for your information to be blocked / un-blocked and raise a dispute if required.
If you feel your information is inaccurate, you will need to take that up directly with your employer – and you can do that without divulging any further information to us.
If you need help using the service or want to learn more about the Verification Exchange,
please contact us at support.au.ve@equifax.com or 1300
598 889.
For more information on how we collect, use and disclose personal information, read our Collection Statement.