Experian has expanded its Verify income verification platform through a new integration with Workday, the cloud-based human capital management software used by thousands of employers nationwide. The partnership positions Verify to access payroll data from more than 80 million employee records across the United States.
This integration addresses a persistent pain point in mortgage lending and tenant screening. Lenders and landlords currently rely on tax returns, W-2 forms, and bank statements to verify borrower and applicant income, a process that often takes days or weeks. Direct access to payroll records through Verify eliminates friction and reduces fraud risk by connecting directly to employer systems.
Workday counts many large U.S. employers among its clients, including Fortune 500 companies and mid-market firms across finance, technology, healthcare, and retail. By tapping into Workday's payroll ecosystem, Experian gains real-time visibility into current income data for millions of workers. Lenders can now pull verified income information in minutes rather than waiting for applicants to gather documents.
The timing matters for mortgage origination. Home buyers face intense pressure to move quickly in competitive markets. Any delay in income verification can slow down underwriting and push closing dates back. Faster verification also reduces the number of times applicants must provide personal financial documents, lowering data breach risk and improving the borrower experience.
Experian's Verify network already connects to major employers and payroll providers. Adding Workday accelerates Experian's reach into the middle market and enterprise segments where Workday dominates. The 80 million payroll records figure represents a significant jump in coverage compared to competing verification services like The Work Number (owned by Equifax), which serves roughly 60 million employees.
For mortgage lenders, this matters immediately. LoanDepot, Better.com, Rocket Mortgage, and smaller regional lenders all use income verification as a gating factor in the approval process. Faster turnaround times create competitive advantage when borrowers shop for rates. Credit unions and mortgage brokers benefit equally, gaining access to premium data without building expensive compliance infrastructure in-house.
Landlords and property managers also gain from this integration. Tenant screening depends heavily on income verification to ensure applicants can afford rent. Traditional methods require applicants to provide pay stubs, W-2s, or bank statements. Direct payroll access through Verify eliminates documentation requests and speeds up lease approvals.
The integration also serves a compliance purpose. Lenders and landlords must verify income to meet regulatory requirements around fair lending and responsible underwriting. Direct payroll verification from Workday creates an auditable paper trail and reduces reliance on applicant-provided documents that could be forged or misrepresented.
Experian competes in a growing market for employment and income verification. Beyond Equifax's Work Number, competitors include services like Clarity and various in-house verification tools built by major lenders. This Workday deal gives Experian a data advantage that will be difficult for competitors to replicate quickly, since Workday integration requires direct partnerships with the platform vendor.
For borrowers and tenants, the impact is straightforward: faster decisions and fewer document requests. For lenders and landlords, the impact is operational efficiency and reduced default risk.