Verifier’s Approach to Income Verification
When using Verifier’s Proof of Income Service, the online application process occurs as before. But, when you are asked to prove your income, you appoint Verifier to act on your behalf. We then go and collect information about your income and employer and disclose it to the lender, as directed by you. When you give us your consent to get your information, we only get that information, and give it to the lender, once. There is no secondary use of your information.
More information about how we use, disclose and store your data is set out in the Verifier Privacy Policy.
Traditional Approach to Income Verification
The old approach taken by lenders to proving an applicant’s income was to ask for copies of payslips, which means waiting for their back office to review those payslips. Or, more recently, you might have been asked to use a screen-scraping service from a third party. These screen-scraping services require you to disclose your internet banking access ID and password to the third party, so that they can retrieve your banking transactional information (to verify your income) by pretending to be you! This method risks compromising your online username and password integrity, and is likely to be a breach of your bank’s online terms and conditions.
