Verify4 utilizes alternative data analytics to enhance credit scoring models, enabling lenders to evaluate the creditworthiness of individuals with limited financial histories. This method increases access to credit for underserved populations, promoting financial inclusion by providing a more accurate assessment than traditional credit metrics.
Funding
$2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Millions of individuals are "credit invisible" due to limited or insufficient credit data, hindering their access to mainstream financial services and resulting in reliance on predatory lending options. Traditional employment verification processes can be slow, manual, and may not capture a complete employment history, creating inefficiencies for lenders and potential employees.
Solution
Verify4 provides a platform that leverages alternative data analytics to improve income and employment verification, enabling more accurate credit risk assessments and expanding access to financial opportunities. The platform allows individuals to grant permissioned access to their wage and employment data, which is then used to supplement traditional credit reports. By providing a more comprehensive view of an individual's financial history, Verify4 helps lenders make more informed decisions, reduces uncertainty fees for borrowers, and streamlines the verification process for various industries. The platform prioritizes data security and user privacy, ensuring data is only shared with explicit consent and used for the individual's benefit.
Target Audience
Verify4's primary customers include lenders seeking to improve credit origination and expand access to credit, employers needing efficient employment verification, and government agencies determining benefits eligibility.
Features
- Secure, permission-based access to wage and employment data.
- Multi-state network providing extensive workforce coverage, averaging 93% digital coverage within participating states.
- Up to 25 years of digital wage and employment history instantly available.
- Automated wage verification delivering results in seconds.
- Employment verification that uncovers an average of 4.4 more jobs per candidate compared to existing solutions, based on internal testing.
- Data is not warehoused and is never used for marketing purposes.
- Tiered pricing options available.