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