Truv's Verification of Income and Employment (VOIE) product allows you to access all user's employment and income information that can be found in an authenticated account and helps you verify anyone's employment and income in seconds, facilitating an improved decisioning process.
We gather data from a trusted source providing the employment and income history that allows tenant screeners, loan officers, banks, and fintechs, the ability to give users an exceptional experience.
Income and Employment can be useful for underwriting mortgage, auto, personal loans, assigning credit card limits, and for tenant screening with data that includes user identity, their employer, employment, income summary, pay stubs, W-2s and more.
Users can instantly complete verification instead of waiting for a few days.
- Underwriting mortgage, auto, and personal loans
- Tenant screening
- Loan origination and employment confirmation
There are a few important decisions to make to effectively design and integrate Truv into your User Experience.
Truv can retrieve all employment data associated with a payroll account and allow you to use that data at various stages of your application process:
- Pre-qualification - you can autofill any and all personal information including personal and employment information. This is typically used and most effective for mortgage pre-qualification, where you might need to prefill an applicants information or determine eligibility
- Verification - For verification of employment or verifying income after decisioning or pre-qualification. This use case is most often used for consumer loans including auto and personal loans.
- Continuous access - have Truv maintain consistent access to the payroll and employment data to automatically update your system
We've built an intuitive UI/UX that leads to increased conversion rates over traditional methods, but to further increase conversion rates we recommend educating your users about connecting to their payroll by explaining the benefits and setting the right context.
Truv's platform can proactively pull income and employment data from the connection daily and, when any user information changes, such as a new paystub or employment status, Truv will notify your system.
Depending on the payroll system, when a session for a specific connection expires, there needs to be a flow to bring the user back to the application to re-authenticate using Truv Bridge and restore the connection to the payroll system.
Additionally, we recommend giving the user the option to disconnect their account and delete all the data from the system.
Updated about 1 month ago