Income Verification

Income verification is one of the most time consuming and expensive components of on-boarding and underwriting consumer finance customers. Income verification can involve expensive & manual processes,  may rely on old data such as last year's tax returns, or is often loosely estimated by easily manipulated deposits. Quin was built to tackle income verification, making it fast, cheap and certain, for both the enterprise and SMB creditor.

Fast, certain, bullet proof income verification

Quin Makes Real Time Income Verification, REal

Quin's mission is to make income verification as ubiquitous and simple as crediting score capture, while being more transparent and actionable. No more guessing or hedging regarding a prospect's income. Quin provides this to both the enterprise financial services company via API as well as the SMB creditor via the mobile device.

Real World example – Verified by Quin

Payroll and Income Verification Process Without Quin

Income verification is used in many situations, including applying for mortgages, consumer loans, apartment rentals, and government-related needs testing.

The process today often involves time consuming, expensive and very inexact approaches including:

  • Requesting tax returns via the 4506-T IRS process, which is expensive and takes a few days.
  • Calling employers, which is slow and often provides no paper trail for audit, plus creates a security risk for employers by opening them up to phishing attacks.
  • Using a complex integration technology to scrape data from a consumer’s bank account, which only provides net amounts, requires many assumptions on deductions to arrive at gross amounts, relies on error prone calculations to get a YTD pay, and archaic ACH processing to tag deposits correctly.
  • Use of technologies like the Work Number which are expensive with low coverage.

This process can be summarized as slow, inexact and error prone.

Payroll and Income Verification Process With Quin

With Quin the employee presents a paystub as proof of income.

The verifier simply uses the Quin app to verify the paystub and receives key data values including name, address, pay period, gross pay, net pay, and YTD amounts.

If integrated, the verifier’s internal system uses the Quin-provided API to automatically trigger the verification and returns the results to the verifier.

By using Quin:

  • Verification takes seconds
  • Results are precise
  • The employee is able to obtain services faster, such as qualification for an apartment or loan
  • The employer doesn't have to handle a phone call or email to verify income
  • The verifier spends much less than with other methods of verification
  • The payroll provider/employer can share in the revenue

Everyone wins with Quin.