Importance

Loading Importance Indicators...

Abstract

The method for verifying employment data provides a quick and convenient means for a mortgage company to verify salary and employment data for a loan applicant. The system may be used by any entity that needs to verify salary and employement data, such as furniture companies, subprime lenders and apartment rental agencies. The system is of benefit to large employers that wish to out-source this verification process. Employee data is transmitted from an employer to a service provider. In some situations, the loan applicant (an employee) contacts the service provider to obtain a salary key code ('SKC'). The SKC is disclosed to the mortgage company or other verifier. The verfiier contacts the service provider and upon presentation of a valid SKC and identification data, the verifier is provided with a report containing employment data. In the preferred mode, all of these interchanges occur over the Internet. In an alternative embodiment, a governmental agency can access the service provider to obtain employment data to aid in its decision of whether to grant public assistance. In another alternative embodiment, the employer can perform all of the functions of the service provider and verify inquiries for employment data itself.

Loading the Abstract Image...

First Claim