If you have looked at your invoice for verifications of employment (VOE) recently, you might have noticed a significant change. The Equifax Work Number system used by tens of thousands of employers and screening organizations across the country has recently raised prices. Given the more than two million companies that use this system and rely on it during the hiring process, these price changes represent a significant development for all employers across the country. Almost every background screening, rental agency, bank, and automobile dealership uses this service. 

To understand how this change might affect the hiring process, let’s take a closer look at what is happening.

Equifax has recently announced that the prices for VOE (verification of employment) have increased dramatically, in some cases to over $105.00 per order. 

Equifax marketing material reports that the price of these verifications remains some of the lowest in the industry. Online message boards openly question this assertion but Equifax is very clear in their opinions. 

This rise in prices can still have a large impact on those who use them. Even a slight jump in price can add up since so many transactions depend on Equifax. This service, which is depended on for millions of verifications each and every year for employment and loan decisions alike, can significantly impact your bottom line.

This is an intimidating prospect for employers attempting to keep their overhead low, especially as they try to bring in new talent. The sheer size of Equifax’s database and the information it provides employers is not to be underestimated. Their scope extends to over 504 million present and past records. Their data has added 52 million records in the past year from over one million employers.

According to their research, Work Number can turn up 52% more records than other programs. Any employer would be remiss not to consider the powerful data and analytical advantages Equifax can offer during the hiring process. This program has evolved into a basic necessity for responsible employers, which makes the increase in cost all the more troubling.

Known for our “White Glove” or “Concierge” style of customer service, Pre-employ takes a holistic view of client accounts and profitability. Like every other business, we strive to make a profit, but that does not mean we have to be profitable on every piece of an employee background check. 

For example, a client that does a high volume of employment background checks and includes verification of employment may be a loss for us or break even on the employment verification section of the background check. But in other areas (Drug Testing, E-verify, Healthcare Sanction Reporting, Motor Vehicle Driving History Reports, etc, ) Pre-employ will make a profit. 

We also take into consideration that as a privately held company, Pre-employ has the ability to serve clients for strategic purposes. For example, we may make little or no profit on an account if that client refers us to more profitable clients during our relationship. 

According to Equifax, The Work Number contains more than 502 million active and historical records from more than 2 million employer contributors making it an incredible source of data for employment decisions that is continuously growing.

As stated in the marketing material sent to us, Equifax explains: 

• Since 2017 alone, Work Number has been able to provide 120% greater records per verification request. 
• 52 million more records in the past 12 months alone.

• In addition to enormous growth in data, Equifax has improved its ability to resolve disputes by taking off a full 24 hours from the average time to completion while ensuring complete and accurate data.
• Receive a More Holistic View of Candidates: Equifax includes on average 4.6 employment records for every candidate, which will give you a more holistic view of your candidates
• Accelerate the Hiring Process: With Equifax’s Work Number database, you’ll be able to rapidly substantiate an applicant’s current employment status, previous work history, as well as look for any possible omissions or any inaccuracies in the information the applicant provided.
• Reduce Employee Turnover: According to SHRM ( Society for Human Resources ). The average cost of hiring a new employee is $4,425.

• According to a study performed by Equifax, employers who used the Work Number system in choosing their candidates saw a 45% higher than average retention rate in the first year. 

Pre-employ is an integrated client of Equifax and will gladly quote your complete background check packages. In some cases, Pre-employ has saved clients over 40% on their pre-employment screening packages. 

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