Equifax Introduces Complete Income™ for Social Services

Rhea-AI Summary

Equifax (NYSE:EFX) has announced Complete Income™, a new cloud-powered solution launching in August 2025 to help government agencies streamline social service benefits processing. The solution combines Instant Social Service Verification Reports from The Work Number database, covering 4.4 million employers' W-2 payroll data, with the Income and Expense Connect Solution, which provides bank deposit data from 92% of U.S. financial institutions. This comprehensive system addresses the growing verification challenges posed by 35 million independent workers added to the workforce in recent years. Complete Income offers a single workflow through the Equifax Verification Insights Portal, enabling caseworkers to efficiently verify both traditional and alternative income sources for programs like Medicaid and SNAP, replacing time-consuming manual processes with a streamlined digital solution.

Positive

• Solution covers 92% of U.S. financial institutions for comprehensive income verification
• Streamlines verification process for government agencies, potentially reducing processing time and errors
• Addresses growing market need with 35 million independent workers added in past four years
• Integrates with existing systems used by thousands of credentialed verifiers

Negative

• None.

Insights

Financial Technology Analyst

Equifax's new Complete Income solution expands their verification services to government agencies, targeting a growing market opportunity with self-employed workers.

Equifax's new Complete Income™ solution represents a strategic expansion of their verification services business into the government sector. This product leverages Equifax's core competencies in income verification while addressing a specific pain point for government agencies – verifying income for the growing segment of self-employed and gig workers (estimated at 35 million added over the past four years).

The solution combines two data streams: their established Work Number database containing W-2 payroll information from 4.4 million employers, and a new Income and Expense Connect Solution that incorporates bank deposit data covering 92% of U.S. financial institutions. This comprehensive approach positions Equifax to capture revenue from the processing of social service applications like Medicaid and SNAP benefits.

What makes this particularly valuable is the timing – as the workforce continues shifting toward more complex employment arrangements, government agencies face increasing verification challenges. By automating a previously manual, error-prone process, Equifax creates efficiency gains for agencies while potentially shortening benefit determination times for applicants.

The August 2025 launch gives Equifax time to market this solution to federal, state and local government agencies, a client base that typically has longer sales cycles but offers stable, long-term contracts. This product aligns with Equifax's cloud-based strategy and expands their addressable market in the government solutions segment while leveraging their existing data assets and technology infrastructure.

New Solution Designed to Help Government Agencies More Efficiently Verify Income for Today's Workforce, Including Applicants with Alternative Income Sources

ATLANTA, June 16, 2025 /PRNewswire/ -- Equifax^® (NYSE:EFX) today announced Complete Income™, a new solution powered by the Equifax Cloud™ that helps U.S. federal, state and local government agencies more efficiently process applications for social service benefits across programs including Medicaid, the Supplemental Nutrition Assistance Program (SNAP) and more with information on alternative income sources. Available in August 2025, through a single workflow, Complete Income delivers automated income verifications to caseworkers through two structured, easy-to-understand outputs. Instant Social Service Verification Reports from The Work Number^® database include W-2 payroll information from more than 4.4 million employers, and the new Income and Expense Connect Solution incorporates consumer-credentialed bank deposit data covering 92% of U.S. financial institutions and self-reported income and expenses. This data may include unearned income such as pension, child support and more.

"Market research has shown the increasing complexity of the modern U.S. workforce, including the addition of nearly 35 million independent workers over the past four years, which has created significant challenges for government agencies in verifying income for social service program eligibility," said Mike Bromley, Senior Vice President and General Manager, Government Solutions, Equifax. "Agency leaders tell us their top challenge in gig income verification is the difficulty of verifying self-employment income and its associated expenses from multiple platforms or jobs. With Complete Income, we're helping them solve this problem by offering a more comprehensive, efficient and secure solution that can provide a more holistic view of an individual's income and expenses, enabling agencies to make better-informed eligibility determinations and more efficiently serve vulnerable populations."

When someone applies for social service benefits under programs such as Medicaid or SNAP, the agency must verify the applicant's income. While traditional payroll records meet the need for many applicants, income verification for self-employed individuals can present unique challenges that can impact the timeliness of benefits decisions. For example, caseworkers are called upon to help self-employed workers sort through and reconcile stacks of receipts indicating income as well as expenses in order to help determine eligibility. This type of manual process can be time consuming, inefficient and prone to errors.

With Complete Income, a caseworker places an order through the same Equifax Verification Insights Portal used each day by thousands of credentialed verifiers, including numerous caseworkers. This order generates a text or email request that directs the applicant to the secure Equifax portal, which then guides the applicant through an intuitive process for providing bank deposit income as well as self-reported income and expenses. The caseworker receives the Social Service Verification report with W-2 payroll data instantly from The Work Number database and is then alerted when the Income and Expense Connect Solution with the alternative income and self-reported income and expenses are submitted by the applicant, providing a more holistic view of the applicant's income.

"Complete Income delivers a more streamlined experience for agencies, caseworkers and applicants alike," added Bromley. "Agencies can serve their constituents more efficiently and with greater confidence. Caseworkers can spend less time on tedious, manual tasks, and more time supporting the people they serve. And applicants can complete the process more easily and receive faster benefits decisions." 

Complete Income provides credentialed verifiers with consumer reports under the Fair Credit Reporting Act (FCRA). These reports include clear income organization covering traditional income as well as available alternative income information categorized by wages and salary, unearned income, other income and expenses. For more information about Complete Income, please click here.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION:
Dan Jenkins for Equifax Workforce Solutions
mediainquiries@equifax.com

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SOURCE Equifax Inc.

FAQ

When will Equifax (EFX) launch Complete Income for social services?

Equifax will launch Complete Income in August 2025.

What databases does Equifax Complete Income solution access for verification?

It accesses The Work Number database with W-2 payroll data from 4.4 million employers and bank deposit data covering 92% of U.S. financial institutions.

How does Equifax Complete Income help verify gig worker income?

It provides a digital platform for self-employed workers to submit bank deposit data and self-reported income/expenses through a secure portal, replacing manual receipt processing.

Which government programs can use Equifax Complete Income for verification?

The solution can be used for programs including Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and other social service benefits.

What percentage of U.S. financial institutions does Equifax Complete Income cover?

The solution covers 92% of U.S. financial institutions through its Income and Expense Connect Solution.