We’ve received many questions from customers over the past several months about employment and income verifications, especially surrounding the use of Artificial Intelligence (AI) for VOI/VOE. As your trusted VOE expert and partner, we’re sharing answers to the most common questions below. Please contact us if we can help with any additional questions.
Question #1: Can I use artificial intelligence (AI) to determine how to complete a VOE for an employer?
Veri-Tax: Yes, you can. But, based on complaints we’ve received from many clients and employers, many AI responses—like Google search results—can be misleading because of widespread use of digital marketing tricks. If you challenge the initial AI result, you may receive the following AI correction:
“You are entirely correct, and I apologize for that mistake. Third-party verification platforms like… often publish landing pages for marketing purposes, which can obscure official employer channels.”
Question #2: What can I do to help avoid misleading AI responses on VOEs?
Veri-Tax: In addition to reconfirming and corroborating initial AI responses, you can also just ask us. We have amassed an employer intelligence (EI) repository from over 5 million VOE transactions, with new insights added daily. This repository helps us complete VOEs faster, smarter, and more efficiently for our clients. Rather than relying only on tribal knowledge or prior experience, you can tap into useful insights from the aggregate transaction history of our other clients, including some of the largest banks and lenders in the country.
Question #3: If an employer is on The Work Number (TWN), is TWN the only way to complete a VOE for that employer?
Veri-Tax: Not always. While some employers will strictly only use TWN, others do not. In fact, our EI repository includes classification of “TWN employers” into eight segments, including employers that will always complete VOE directly and may not even be aware that TWN has a copy of their payroll records.
Question #4: Why does my TWN invoice continue to increase every year even though my loan volume has declined?
Veri-Tax: TWN invoices have persistently grown for two main reasons. First, TWN transaction fees have been raised well above inflation, similar to other third-party “instant” VOE providers (e.g., over 85% higher since 2020). Second, TWN hit rates have also gone up due to TWN agreements with payroll providers and aggressive marketing.
Question #5: What can I do about our growing TWN cost?
Veri-Tax: We can similarly use our EI repository to determine situations when an employer will complete a VOE directly. In a recent case where the client shared their TWN invoice details, we helped them reduce their TWN invoice by 51.5%!
Please share this with others on your team and feel free to let us know if you have any other questions we can help you with.