Bad data is a problem. From sourcing to relevance to timeliness, most companies struggle with the challenge of finding, organizing, and maintaining high-quality information. This is especially true in areas like the financial sector, where accurate data is essential to ongoing business activity.
Truework is committed to streamlining sensitive personal financial data management. The brand’s recent announcement of a partnership with the credit hub TransUnion promises to take clean, efficient data management to the next level.
The Truework Effect
Truework is built around the mission of creating trust through every financial transaction. With that in mind, the San Francisco company built a one-stop, customizable fintech platform. This enables the sharing of sensitive financial data to be more efficient, accurate, and secure.
The Truework platform connects and coordinates many major verification methods into a single tool. This makes consumer verification of income and employment (a concept commonly referred to as VOIE) services easier. This allows U.S. lenders to verify applicant income and employment information by going to a single location for consumers’ income data. Previously, lenders would need to rely on several, often disjointed verification methods to a wide range of potential borrowers.
Truework puts consumer safety and trust front and center. It prides itself on giving users greater control over their personal financial information than many past data verification methods offered. Consumer consent is a key aspect of this, meaning their approval to share their income information with a business is needed. Once they agree, the information is quickly and readily made available. From there, companies can use it as they assess whatever business transaction is taking place.
Truework’s Partnership With TransUnion
Truework’s income verification services are already used by 20 of the top 25 mortgage lenders in the U.S. Despite this adoption, the brand has just scratched the surface of its potential utility as a financial tool. Case in point: the company’s reach will grow further via the announcement that Truework will be partnering with TransUnion.
A well-known credit reporting technology company, TransUnion has a robust credit data platform that provides safe and easy access to consumer credit data — in much the same way that Truework handles income verification data.
TransUnion made a strategic investment in Truework earlier in 2023. This investment paved the way for a broader partnership between the two companies. The new partnership has the potential to improve both companies’ offerings. This synergy will come from combining comprehensive income verification coverage with in-depth credit data, all in a single process.
Both companies are committed to financial inclusion, too. Truework and TransUnion see this new financial alliance as a way to open the doors to a faster, easier financial approval process for borrowers coming from a variety of backgrounds and circumstances.
How Will the New Partnership Improve Income Verification?
The new collaborative capabilities of TransUnion and Truework will stand out in a financial sector that is often mired in old ways of doing business. The partnership will allow both brands to position themselves as visionary enterprises.
In the new partnership, TransUnion will use Truework’s existing technology to offer VOIE solutions to their existing customers. This will take place alongside its credit data software tools. Together, the combined services will provide lenders with an unparalleled verification experience.
The partnership between Truework and TransUnion has the potential to revolutionize 21st-century lending for the better. It will impact countless financial transactions, from home loans to personal loans.
The Benefits of Using More Than Just Credit Data
The benefits of the new partnership go beyond simplifying the need for lenders to go to different places for income and credit data. Truework and TransUnion’s new partnership will also deepen the data pool that lenders can use to verify a lender’s application. This will provide a holistic and up-to-date view of each consumer’s financial status.
Through access to superior customer insights, lenders will be able to make better, more efficient decisions. On the one hand, they will be able to see warning signs even if a potential lender has a solid credit score. Low income or unstable employment, for instance, could provide critical insights. On the other hand, they will also be able to look past a low score. Considering a healthy cash flow or a good job can help lenders come to a more holistic and fair determination.
The Ripple Effect on Consumers
Another potential factor that could come from the new partnership is a positive ripple effect on consumers. In the past, those asking for a loan had limited access to their financial data. In most situations, the ability to equip themselves with a comprehensive analysis of their own financial and personal data simply wasn’t possible.
TransUnion and Truework’s deeper data banks clear the path for future developments that could give consumers a single source to glean a clearer picture of how they look to lenders. This would help them go into each application process with confidence. They can also hold off if they feel they need to improve their situation.
This wouldn’t just apply to loans, either. In theory, consumers could also see how they look on paper (financially speaking) when applying for a job or any other opportunity that involves a traditional credit, employment, or income check.
Looking to the Future of Fintech
The partnership between TransUnion and Truework promises to make lending easier for lenders and borrowers alike. Both companies are pooling their resources, knowledge, and experience to look forward.
The new partnership between Truework and TransUnion will explore innovative areas of VOIE. It will seek to develop more accurate and efficient verification tools moving forward, too. The goal of this ongoing research will be to maintain the partnership’s clear lead in the area of data verification and security as both Truework and TransUnion continue to improve financial transactions in the modern, digital world.
Featured Image Credit: by Karolina Grabowska; Pexels; Thank you.
