Equifax and InVerify, Competitive Analysis

Part
01
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Part
01

Employment Verification Industry Competitive Landscape-Part 1

CCC Verify provides a SSL-secured income and employment verification system for employers, verifiers, and employees. It protects employees' rights to their data by giving them a lot of control over it. EmpInfo offers a highly-secure hybrid employment and income verification platform that can be easily combined with verifiers and employers' systems.


CCC Verify


Services
  • Their employment verification service is the Fair Credit Reporting Act (FCRA)-compliant and SSL-secured.
  • The platform includes information on current employment status and wage, as well as employment dates and wage history. The data is submitted by an employer.
  • However, the company prides itself on protecting employees' rights to their own data. Employees can track verifications, dispute false wage information, and lock their accounts.
  • They can also get an automatic email notification whenever they are verified.
  • In turn, employers can track and generate verifications, send custom messages, and resolve disputes.
  • To access employee data, private verifiers need to have a "Permissible Purpose" to seek it (as per the FCRA requirements) and get credentials from CCC Verify's team. They also pay $39.99 per verification.
  • Afterward, employers have the possibility to audit access to verifications and re-print the ones they have purchased earlier.
  • The government verifiers can use the system free of charge. They can get information on employment, income, and health and dental insurance status.
  • The technology is backed by dedicated customer service.
  • CCC Verify also offers a service for employers, to free their HR and payroll employees from having to perform employee verifications. It includes a self-service portal, data management capabilities, and robust customer support. Full information is available upon contacting the company.

Market Share
  • N/A, though the solution is regarded as one of the top employment verification tools.

Competitive Advantage
  • CCC Verify is a service provided by Corporate Cost Control, a company with over 50 years of experience in human resources, unemployment, and cost control account management, which makes it trustworthy.
  • The company emphasizes employees' rights, giving them the possibility to dispute incorrect data.

Revenue


EmpInfo


Solution For Verifiers
  • The hybrid employer and income verification platform can be used on demand, on any device.
  • It allows verifying borrowers from all the employers across the US, thanks to their proprietary human-in-the-loop system.
  • EmpInfo API can be easily integrated into the verifier's system.
  • The system is FCRA and System and Organization Control 2 (SOC2)-compliant.
  • Verification reports can be printed, downloaded, or sent by email. They include text and visuals. In 60 days, there is a free re-verification service available.
  • Verifiers have access to transaction history.

Solution For Employers
  • The solution for employers is based on the same hybrid verification platform.
  • EmpInfo has built interfaces for easier integration with human capital management and payroll software. They can be both file-based and web services.
  • Setting up the platform takes a few days. EmpInfo provides all the needed support during the process.
  • The data is protected with 256-bit SSL encryption and stored in AWS data centers, with firewall and back-up technologies in place.
  • Potential verifiers need to be credentialed by EmpInfo and have a "Permissible Purpose."
  • Employees can self-onboard onto the platform to view their employment history and provide consent whenever verifiers want to access their data. They also get text or email messages whenever they are verified. If necessary, they can lock their accounts.
  • Employers can track all verification activities and download logs.
  • Customer support is available through chat or phone during business hours.

Market Share
  • N/A, though the solution is regarded as one of the top employment verification tools.

Competitive Advantage
  • The company's employees are highly skilled tech experts, who helped develop companies like Facebook, Netflix, and Apple.
  • Their solution is trusted by top fintech companies, banks, and mortgage lenders, such as Bank of America, Citi, U.S. Bank, and LexisNexis, which proves its reliability.
  • The system is highly secure and easy to integrate into employers and verifiers' systems.

Revenue

Research Strategy

While the companies that provide the solutions are private and don't disclose their revenue information, we found reliable estimations on ZoomInfo. Please note that even though CCC Verify belongs to Corporate Cost Control, it had a separate profile in the database. Since both CCC Verify and EmpInfo only provide income and employment verification services, we assumed that the revenues are only from those solutions.

However, it was not possible to find their respective market shares. We started by looking for this information in tech, HR, and business media sites, such as TechCrunch, Tech Times, and HR Executive. We hoped that media sites from relevant industries would publish articles that describe the key players and disclose their market shares. We quickly discovered that the information about employment verification tools is scarce. The only article we found compared the top solutions. Unfortunately, it didn't provide information on the market share.

Next, we tried finding the information on the companies' websites, specifically in the "About Us" sections, and on their social media profiles. We thought that if they had a significant market share, they would share it with potential consumers. We discovered that the "About Us" sections don't provide such specific information, there are no press releases on the websites, and social media profiles mostly include employee screening-related articles and information on events.

Finally, we wanted to triangulate the information. We hoped to find the market size of the employment verification market and use the revenue estimations to calculate the market shares. We looked through websites like Transparency Market Research, Research and Markets, and Market Watch. Unfortunately, the only available data was about the global employment screening market, which didn't allow us to triangulate.
Part
02
of two
Part
02

Employment Verification Industry Competitive Landscape-Part 2

Finicity and Experian both offer income and employment verification services. Finicity positions itself as a software and data management solutions supplier while marketing its income and employment verification reporting as rapid and hassle-free. Income and employment verification services are only a small part of Experian's offerings, but it markets those services as especially comprehensive and tied into Experian's expertise in credit reporting and fraud detection.

Finicity

Overview:

  • Finicity offers a long list of financial information services including asset reports, income verification, and student loan verification services. Finicity also "offers data processing software solutions for the financial sector.
  • The company notes that its digital verifications gives users up to two years of accurate income history in as little as 30 seconds. The sample report includes historical and projected annual income, employer data, deposit streams, and transactions histories.

Revenue and Market Share:

  • Finicity is a privately-held company.
  • No high-quality estimate of Finicity's annual revenue can be found in the public sphere.
  • No high-quality estimate of Fincity's share of the income and employment verification market can be found in the public sphere.

Customers and Partners:

  • Finicity markets its products to banks and financial institutions seeking employment or income verification services.
  • Finicity lists Experian, Black Knight, Mortgage Cadence, BeeSmart and other financial companies among its partners.
  • Finicity also offers an API to customers seeking to develop apps for personal finance management, wealth management, expense reporting, loan analysis, tax management, and banking.

Income and Employment Verification Services:

Competitive Advantages:


Experian

Overview:

  • Experian is an information services company that "offers credit information, analytical tools, and marketing services."
  • Experian is a market leader in credit reporting.
  • The company markets its verifications services through its business vertical. The company uses multiple databases to verify employee details. It offers multiple products like BizID, Decisioning as a Service, Employment Insight, Fraud Shield, and many others. Each service is delivered with several features that focus not only on the information being verified but also some services include data analysis.

Revenue and Market Share:

  • Experian is a publicly-traded company.
  • Experian saw $4.662 billion in revenue in 2018.
  • The bulk of that revenue ($2.606 billion) came from credit services and not from employment and/or income verification services.
  • Experian made $668 million from "Decision Analytics," however, publicly accessible sources do not clarify what portion of that came from income and/or employment verification services.
  • No high-quality estimate of Fincity's share of the income and employment verification market can be found in the public sphere.

Customers and Partners:

  • Experian markets its services to financial decision-makers in a wide range of industries.
  • Experian specifically markets its business services (including VOI and VOIE) to clients in the automotive, banking, communications, credit union, debt collection, energy, fraud management, health, fintech, regulatory compliance, and public sector industries.

Income and Employment Verification Services:

  • Experian's Verification of Income (VOI) service is called Income View, which uses tax information to verify income.
  • Experian's Verification of Employment (VOE) service is called Employment Insight, which uses credit information to verify employment status and history.

Competitive Advantages:


Helpful Insights:

  • The global employment verification market was worth $2,939.8 million in 2016 and is expected to grow at a CAGR of 7.5 percent through 2023.


Research Notes:

Your research team was unable to verify or estimate the annual revenue or market share of Finicity. We believe this is because Finicity is a privately held company and does not release this information into the public sphere. We were also unable to verify the market share of Experian. Experian is a publicly-traded company, however, VOI and VOE services are only a small part of Experian's services. The available financial data did not offer enough granularity to verify, or develop an estimate of the portion of the VOI and VOE market held by Experian.

Research Strategies:

Our research, in pursuit of the market sizing data for Finicity and Experian, began with the web presences of the companies themselves. This includes websites, financial disclosures, press releases and other sources produced by Experian and Finicity. Sometimes a company will mention its share of the market as an act of self-promotion or in public-facing self-analysis. Unfortunately, while Experian's financial data was available, as noted above, it lacked the detail required to derive Experian's share of the VOI and VOE market. Meanwhile, Finicity has not released any data related to market share.

Our next approach was to seek market research reports and market analysis from respected firms such as Markets and Markets, IBISWorld, Market Analysis, and their peers. Such reports are often paywalled, but publicly-revealed elements of such reports sometimes contain a breakdown of market leaders and a look at the distribution of market shares. Unfortunately, no such market research data exists in the public space.

Next, we tried expanding the scope of our research to include respected business media sources and industry press. This includes BusinessInsider, Forbes, and Bloomberg as well as financial industry sources. The team pursued this route hoping it was possible that either a reporter, a C-level executive from one of these companies, or a competitor might have mentioned otherwise unavailable market information in an interview or article. Unfortunately, this strategy was not fruitful, as no such source made specific mention of market share data about Experian or Finicity. Nor did any such source mention the revenue data that might have been used, in combination with overall market size data, to derive an estimate of market shares. In the case of Finicity, this strategy did lead to the discovery of one estimate of annual revenue, but from a source that uses unreliable data gathering methods. As we were unable to find a corroborating source, we chose not to rely on this information.

Thinking creatively, we set out to estimate the market share of these companies using the data already uncovered. We tried combining available data from financial reports, top-level market research, and market analysis sources in a variety of ways. However, there was not enough information to resolve any high-confidence estimates of the portion of the employment and income verification markets secured by either Experian or Finicity.
Sources
Sources