New Product Announcement: Truv’s Financial Accounts Income Verification

Today, Truv announced a new product added to their income and employment verification solution with the ability to verify income and employment via financial account aggregation. Truv’s customers using this product are empowered to decrease their risk while increasing funded loans through acquiring more data to make more informed lending underwriting decisions.

A Better Way to Verify with Financial Account Aggregation

Truv’s mission is to put data back in the hands of consumers, and with this announcement, we’re able to unlock another data silo for lenders to access. Truv’s platform of verification products optimize the lender experience by providing FCRA-compliant verification data with industry-leading data quality, fill rates, and coverage to reduce risk for all types of lenders.

Lenders utilize financial account transaction data as another data source in an income verification waterfall to increase coverage. This verification method is also extremely fast, efficient, and cost-effective for lenders. However, transaction data is notoriously difficult to interpret, and existing financial account aggregation providers lack the features to help underwriters interpret the data. The result? Wasted time and effort cleansing data and increased risk from not having a predictable method to evaluate an applicant’s ability to repay a loan. 

With this challenge in mind, we’re also excited to announce the recent acquisition of Credegraph. Credegraph is the leading transaction cleansing engine that derives over 2,200 credit-specific attributes that are FCRA compliant from financial account transaction data. Combined with Truv’s financial account aggregation capabilities, this provides lenders with the only transaction data cleansing engine focused on providing FCRA compliant credit-specific attributes from financial account transactions. These attributes remove any manual burden placed on risk and analytics teams to cleanse transaction data and creates insights that better predict an applicant’s ability to repay a loan. Truv helps increase underwriting efficiency, while also reducing risk by creating a predictable book of business.  

How Financial Account Income Verification Works…

…For Applicants

During the loan application process an applicant will be asked to verify their income. Applicants will either be sent a link or prompted in the application flow through the Truv Bridge to provide access to their transaction data. Truv covers 99% of U.S. bank accounts, allowing applicants to simply log in via their bank credentials to give lenders access to transaction data. 

…For Lenders

Once an applicant has permissioned access to their transaction data, lenders get immediate insights to the data and over 2,200 credit-specific attributes are used to categorize the data into an easy to interpret format. This allows lenders to accomplish the following objectives:

  • Increase Efficiency: Truv cleanses the bank transaction data so you don’t have to have your in-house data science team build a model to do so. Providing you with the data that you need access to.
  • Fund More Loans: Rather than turning away applicants solely based on their credit score, Truv enables lenders with 2,200 different attributes from bank transaction data to make more informed underwriting decisions. 
  • Reduce Risk: Typically approving more loans leads to an increase in risk. However, with Truv you’re able to reduce your risk by gathering alternative credit data points to accurately assess ability and willingness to repay.


Truv’s mission is to put data back in the hands of consumers. By adding Financial Accounts Income Verification as another data source to verify income and employment, we are creating a more seamless and streamlined verification process for lenders. Currently, Truv has access to four data sources for income and employment verification within our consumer-permissioned data platform including payroll, financial accounts, tax returns, and document processing. We will continue to add data sources and innovate on usability, to make consumers’ and lenders’ lives easier. 

Contact Truv Team to learn more

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