TurboPass Accelerates Funding Time and Reduces Loan Losses with Verification Technology Stack

Problem

Retailers, especially in sectors like auto lending and consumer finance, often face significant challenges with manual, paper-based verifications of income, employment, and insurance. These outdated methods—requiring customers to submit physical pay stubs, insurance documents, and other verification forms—were slow, error-prone, and susceptible to fraud.

For lenders and auto dealers, these inefficiencies delayed funding, increased costs, and exposed them to financial risk from fraudulent documents. Turbopass sought to modernize this process and needed a suite of technology partners that could offer comprehensive, real-time data to streamline the verification journey and improve the experience for businesses and consumers.

Truv Solution

Verification of Income and Employment.

About

Founded in 2018, Turbopass was established to meet the growing demand for a digital verification solution that could streamline the approval process for lenders and auto dealers while reducing fraud and improving the customer experience.

The company has transformed how retailers, auto dealers, consumer finance lenders, and apartment complexes manage verifications by offering a fully digital, efficient, and scalable solution. With over 12,000 retailers using their platform, Turbopass integrates with leading data providers, including Truv, to provide instant and accurate consumer-permissioned data, revolutionizing the verification landscape.

The Story

In 2021, Turbopass formed a pivotal partnership with Truv to enhance its consumer-permissioned data capabilities. Truv, known for providing a flexible, customizable, and reliable verification platform, was one of five trusted providers that TurboPass onboarded to automate critical verifications of income and employment.

Turbopass was looking to add Truv to its suite of data providers in response to the growing need for more efficient and reliable verification processes in industries like auto lending, consumer finance, and apartment leasing. This partnership emerged as a solution to the growing burden of manual data collection, which often required lenders and auto dealers to gather pay stubs, insurance proof, and other documents through tedious, error-prone processes. TurboPass leveraged Truv’s customizable solutions to streamline the verification process, particularly in auto lending, where fast and accurate approvals are essential.

At the forefront of innovative solutions and consumer-permissioned data, Turbopass leveraged the product flexibility to build a curated suite of products to streamline verifications across their customer base, particularly consumer lenders. By integrating Truv’s technology, TurboPass created a standardized pay stub report that delivered instant, accurate verifications, dramatically reducing the time and effort required for approvals while minimizing fraud risk.

Since integrating a comprehensive technology stack, TurboPass has measured significant impact, tracking a multitude of business improvements for their customers, including accelerated approval times for loans and leases, reduced costs for dealers, and decreased financial losses from fraudulent documents. Through streaming verification processes, TurboPass’s largest auto dealer clients saw a 17% reduction in funding time and a 49% drop in bank fees after adopting the integrated system.

The impact of the powerful technology stack drove remarkable results for one of TurboPass’s largest clients, an auto dealer, whose credit and funding teams are enabled to make easier, clearer, and faster lending decisions on transactions powered by TurboPass reports. The auto lender realized ~38% reduction in loan losses from applicants with 0 credit scores, and accelerated funding time by 1.5 days. Confident lending combined with faster funding empowers the auto lender to deliver easier, smoother, and faster car buying experience to consumers.

Lenders using TurboPass’s platform have driven operational efficiencies to new heights, saving time, money and resources by increasing employee efficiency. TurboPass reports powered by Truv deliver lenders with the robust reporting needed in seconds that removes the need for manual employment verification phone calls. These calls, typically time-consuming and delay-inducing, are now being replaced by instant digital verifications, enabling faster funding and reducing friction for both lenders and consumers.

TurboPass’s partnership with instant verification providers has not only helped streamline operational processes for a range of customers but has also set a new standard for speed, accuracy, and fraud prevention in industries like auto lending and consumer finance. By leveraging a spread of consumer-permissioned data solutions, TurboPass has been able to deliver significant value to its clients, propelling operational efficiency and overall customer satisfaction.

As the demand for consumer-permissioned data gains traction, TurboPass is poised to lead the next wave of innovation in digital verifications, driving even greater results for businesses, retailers, and consumers.

About Truv

Truv empowers 150+ lenders to instantly verify income, employment, and asset data directly from the source. With best-in-class coverage, configurable workflows, and a focus on consumer-permissioned data, Truv helps financial institutions streamline underwriting while dramatically reducing costs. Truv's full suite of solutions provides GSE-eligible reports for submission to Freddie Mac and Fannie Mae, protecting lenders from buyback risks and delivering market-leading data quality. Learn more at truv.com