The employment income information of your employees is linked either by you (the employer) or through a payroll provider (your partner) to the Verification Exchange.
Streamlined and secure verifications for your employees
Every day in Australia, thousands of applications are processed for mortgages, personal loans, credit cards, or other financial services. Many of these require verification of employment income, which can be a manual and time-consuming process for your employees, HR and payroll teams.
Equifax Verification Exchange® helps securely automate this process for employees and employers, removing the need to manage requests from 3rd parties (e.g. a bank or financial services provider) where that party is accredited with us to verify your employee or ex-employee’s employment income. We call these 3rd parties ‘Verifiers’. This means your employees, HR and payroll teams can spend more time focusing on their core responsibilities. Our Verification Exchange support team will:
take all Verifier employment income verification queries for you.
obtain confirmation of consent from a relevant employee or ex-employee; and
provide the Verifier with the relevant employment and/or income information for that individual through a secure environment.
Our solution is consent-driven and secure, using globally recognised standards in security and data management. This reduces any risk of your HR or Payroll team unknowingly providing personal information to Verifiers without an individual’s consent. Employees have complete control over access to their data as they must authorise the Verifier. They can also request their data to be blocked or unblocked on the Verification Exchange and get access to a copy of all their personal information held in Verification Exchange.
HOW IT WORKS
STEP ONE
STEP TWO
When a Verifier (e.g. a bank or financial services provider) needs proof of employment or employment income, they contact the Verification Exchange to seek an employment income report.
STEP THREE
Once the identification credentials of the Verifier and the consent of the employee / ex-employee is confirmed, the employment income report is generated.
STEP FOUR
The employment income report then issued to the Verifier by secure transfer.
HOW TO INFORM AND SUPPORT EMPLOYEES
We have created a sample email for employeesthat you may wish to adapt and distribute to your organisation and/or post on your intranet. It explains the Verification Exchange service and directs them to documentation where they can access step-by-step instructions to direct a Verifier to the Verification Exchange.
Employees can also contact us to block or unblock their information from Verifiers - the access to their data is in their control. Employees can also contact us to request a copy of all their personal information held in Verification Exchange. We can provide the information within a reasonable period after their request is made and usually within 30 days.
How to manage requests from Verifiers
If you receive a request for proof of employment income from a Verifier, let them know your company uses Verification Exchange. You can use our sample email to Verifiers to explain how it works and provide instructions to them for accessing the service. There should be no need to provide any other information; Equifax will manage them once they make contact (unless the Verifier insists its applicant go through a manual system).
SUPPORT AND RESOURCES
Visit the Verification Exchange website for more information on our employment income verifications.
YOUR OBLIGATIONS
We only provide verifications for employees and ex-employees whose data is available through the Verification Exchange and to Verifiers who have been accredited with us. If an employee disputes the content of a report, we can raise a data dispute and check the accuracy of the data we have supplied to the Verifier against your employer records. We will automatically block those records during a dispute period. If the individual still feels their information is inaccurate, they will need to take that up directly with you without divulging any further information to us.
For more information on how we collect, use and disclose personal information, read our Collection Statement.