“How Verifications Work” Video Recap
How Does the Vault Verify VOEI Process Work? This Video Explains it in 2 Minutes.
Vault Verify provides HR leaders with a simple, secure way to manage employment and
income verification when employees apply for a mortgage, car loan, or government
benefit.
If your company is looking to adopt HR automation services, it can be helpful to
understand the full Vault Verify VOEI process from beginning to end. This way, you can better
assure stakeholders across the organization that our HR automation solution can save
the company time and resources on verification requests, while also keeping employee
data and other sensitive IP more secure.
Additionally, our HR automation services greatly reduce data exposure typically
associated with HR tech outsourcing and keep your company in compliance with the
many state privacy laws in effect or on the way. We provide efficient fulfillment of VOEI
requests, while protecting employee privacy.
For a quick overview of the Vault Verify VOEI process, watch this short video:
Read on for a step-by-step guide through our approach:
Step 1: The employee applies for a loan
Employers will receive verification requests from verifiers, typically loan officers, for
approximately 20-25% of their employees each year. These requests happen when an
employee applies for a loan, including a mortgage on a house, a car loan, or an
application for a government benefit.
Step 2: The verifier reviews the application
If your company outsources verification to Vault Verify, the HR department can direct
verifiers to our website, or verifiers can go to VaultVerify.com directly, which is
accessible 24/7/365. All the verifier needs is your company name or 5-digit code to
request a verification report for the applicant.
Step 3: Vault Verify retrieves employee data
Loan applications include an authorization of release, documenting the employee’s
consent to provide a verification of their current employment and income status. Unlike
some larger HR tech vendors and data brokers, Vault Verify confirms that the verifier is
a credentialed company with a valid reason for accessing this sensitive information,
then confirms that the employee has signed an authorization of release.
Vault Verify connects automatically with the employer’s HCM platform with our
proprietary real-time API, called the Vault EDGe Gateway, to retrieve data on the
applicant’s most current employment status and income. This ensures up-to-the-second
reporting, and buckets income into discrete categories so that compensation details are
accurately reflected.
Step 4: Vault Verify compiles and delivers the VOE or VOI report
An FCRA-compliant verification report is created and released to the requester through
the secure portal environment. Our employment and income reports include all the
essential, accurate and current information, cutting back on loan officer questions and
callbacks to your HR department.
Plus, a transaction log is always available to your HR department on our online portal.
Not only does this eliminate the need to compile manual reports and field inquiries, it
also means that the entire verification process and associated activities are auditable
and traceable, providing transparency and peace of mind for all parties.
Our Data Privacy Pledge
Throughout the verification process, no data other than what is necessary for the
employee-consented verification is accessed by Vault Verify. Once the income or
employment report is delivered, all that data is removed from our systems. It’s part of
our pledge (and contract) that we never store, share, resell or further monetize your
employee data beyond the sole employee-authorized transaction.
Fast, accurate and more secure
Through our unique verification process, we offer verifiers an up-to-the-second
verification report, delivered quickly and securely. For employers, Vault Verify
eliminates manual labor and the time needed to provide time-intensive calls caused by
verifiers following up due to inaccurate or stale verification reports.
For employees, we provide peace of mind that their sensitive personal data is safe and
secure. We only access and use their data when authorized.
To learn how switching to Vault Verify can save your organization valuable time and
resources while reducing data exposure risk, schedule a 30-minute demo.