Income and Employment Verification
Access and verify income and employment information from authenticated accounts.
Overview
Truv's Verification of Income and Employment (VOIE) product provides seamless access to users' employment and income information from authenticated accounts. This enables quick and efficient verification of employment and income, enhancing the decision-making process.
Truv gathers data from trusted sources, offering comprehensive employment and income history. This service benefits tenant screeners, loan officers, banks, and fintech companies by enabling instant verifications, thus improving user experience and reducing wait times.
Methods of Income Verification
Truv offers three methods for verifying income and employment:
Payroll Income Verification: Directly access payroll data to verify employment and income details. This method provides the most accurate and up-to-date information from the user's payroll provider.
Bank Income Verification: Analyze bank transactions to determine income patterns and verify employment. This method is useful when payroll data is not available or to supplement payroll verification.
Document Income Verification: Collect and analyze income documents such as pay stubs, W-2s, and tax returns. This method is ideal for verifying income when payroll and bank data are insufficient.
Tax Return Income Verification : Utilize tax returns to verify income, providing a detailed record of earnings over time. This method is particularly useful for self-employed individuals or those with multiple income sources.
Use Cases
Here are some scenarios where verifying income and employment is beneficial:
- Home Lending (mortgage and HELOC)
- Social benefits eligibility screening
- Consumer and auto lending, tenant screening
Updated 9 days ago