Income verification
Income verification is the process of confirming a borrower's stated income from reliable evidence, rather than taking it at face value. Lenders increasingly verify income directly from bank transaction data via Open Banking, which categorises salary, benefits and other regular credits.
Verified income underpins affordability and reduces first-payment default and fraud. For the self-employed and businesses, it can mean reading revenue patterns and seasonality from bank data rather than relying on dated accounts.
Modern verification can also surface income stability and multiple income sources across accounts.
Credit Canary builds income verification into one platform for UK lenders, with the data and decisioning behind it.
Income VerificationSee income verification in a working platform
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