TALX Announces USDA Will Automate Employment Verification Using
The Work Number for Everyone
WASHINGTON, D.C.--(BUSINESS WIRE)--Oct. 1, 1997--
Now 1 in 4 government employees under contract with TALX for
automated verifications
The U.S. Department of Agriculture (USDA) will join the Internal Revenue Service, Federal Deposit Insurance Corporation
and several other federal government agencies in using The Work Number for Everyone, a national automated service
providing employment verifications.
When employees of these agencies apply for a loan, their lenders can access the automated system and immediately verify
employment and salary data, which speeds the loan underwriting process.
``More than 700,000 of the 2.8 million federal government civilian employees -- or about 1 in 4 federal employees -- are now
under contract for the service,'' commented Gary Been, national product director for TALX Corporation, which offers the
service. ``Additional federal, state and local government agencies currently are reviewing the service, which has become
popular in the public sector, where efficiency gained through automation often equates to taxpayer savings,'' he said.
The Work Number for Everyone trend began in the corporate sector, with 24 Fortune 100 companies using the service
including JC Penney, Motorola, Procter & Gamble, Sears Roebuck & Co. and Wal-Mart, the nation's largest corporate
employer with nearly 700,000 employees. ``Wal-Mart began using The Work Number for Everyone more than a year ago,
and recently has extended its contract for services until the year 2000,'' commented Diana Reeves, Payroll Manager,
Wal-Mart.
``The service is available to nearly anyone who needs to verify employment and salary. Particularly given the vast amount of
relocations to Washington D.C., the service is beneficial to property managers who want to verify that a lease applicant is
employed,'' Been stated. ``However, it is important to note that salary data cannot be communicated by the system unless the
employee has given permission by providing the verifier with an authorization code.''
The Work Number for Everyone database, located in St. Louis, is secured and maintained by TALX Corporation. Employers
using the service provide employment and salary data to TALX, usually updating the database every pay period. The National
Finance Center, based in New Orleans, processes payroll for the USDA, and now provides St. Louis-based TALX
Corporation with payroll data for USDA employees on a regular basis to assure accuracy and timeliness.
Lenders, property managers and other verifiers pay a nominal fee to use the service. To verify a credit applicant's employment
and salary information, users call 1-900-555-WORK, and if they have required information including the employee's
authorization code, can receive a full verification in a couple minutes. The charge for the service is the cost of the phone call,
which is billed by the user's telephone company. Access to the database is also available via a 1-800 phone number; the cost
is $5, $7 or $9 per verification, depending upon the amount of information accessed.
``Auditors seem to love the paper trail; the fact that the underwriter receives a secure verification is well-documented,'' Been
said. ``In developing the product, we consulted with and continue to work with mortgage industry experts at the secondary
marketing agencies of Fannie Mae, Freddie Mac, FHA and the Veteran's Administration,'' he added.
More information about The Work Number for Everyone, including a listing of all employers whose records are available on
the database, can be obtained from TALX by calling 1-800-9-WORK-NO or by visiting the website at
theworknumber.com .
Any statement in this press release that expresses the beliefs of TALX management regarding the growth of The Work
Number for Everyone involves risks and uncertainties; past performance is not a guarantee of future success. TALX is a
publicly traded company (NASDAQ:TALX), and more information can be obtained from documents filed with the Securities
and Exchange Commission.
Contact:
TALX Corp.
Jackie Engel, 314/434-0046
jengel@talx.com
or
DG&A Communications
Jill Sherman, 314/725-0122
jills@dgastl.com |
