Equifax verifies income by assessing the availability of funds in customers’ current accounts over a six and 12 month period. The results are matched against Metro’s criteria to ensure borrowers can afford repayments as part of the Mortgage Market Review requirements.
Jake Ranson, director of banking and financial institutions, Equifax, said: “We have been working closely with Metro Bank to develop and implement tailored credit strategies to facilitate responsible lending in accordance with regulatory requirements, while at the same time increasing their processing efficiency.
“The adoption of Equifax Income Verification will help Metro Bank make robust and quick lending decisions, delivering a streamlined, efficient service for their customers.”
Metro and Equifax already have a relationship, as the latter acts as the bank’s consumer data partner.
Aileen Gillan, chief risk officer at Metro, said: “We are continuously developing our systems and processes to ensure that they are robust and meet the evolving regulatory requirements for the banking industry.
“We are focused on delivering unparalleled levels of service and convenience, and consistently great customer outcomes.
“Using Equifax income verification helps us make more informed lending assessments without impacting the customer experience or business costs.”
