Truework, the income verification API that powers over 15k lending institutions, today announced it has launched Credentials, a new technology that expands verification coverage beyond their instant network of 35 million employees. Credentials will allow the growing population of 1099 and other hard-to-reach employees to share their employment and income data with verifiers when instant verifications aren’t possible.
Alongside Truework’s Instant and Smart Outreach products, Credentials solidifies Truework as the only one-stop API to verify income and employment for any U.S. employee. From large banks to small fintech startups, any lender can connect to Truework’s API with one line of code, or submit verifications directly through truework.com.
“It’s always been hard for 1099 employees to get the same access to loans and other financial products as W2 employees,” says Ryan Sandler, CEO of Truework. “A big reason is that accessing verified income data for 1099 employees hasn’t been possible for most banks. Truework Credentials will enable the thousands of banks on Truework to expand credit access to underserved 1099 borrowers.”
Verifying employment and income is a huge burden for gig-economy workers: many are employed as 1099 contractors, so their income is variable and current underwriting models haven’t adapted yet to easily verify their financial status. As lenders have struggled to verify employment and income for gig economy workers, credit access to a growing demographic in the U.S. has been limited. The need for verifying employment and income often arises at key life moments, like applying for a loan or new job or buying a home, making this challenge even more stressful for hopeful borrowers.
Truework Credentials lets applicants log into their payroll provider to share verified income and employment data with authorized third parties, such as lenders. With integrations to over 150 payroll providers and gig economy marketplaces, Credentials allows hundreds of thousands of workers to share verified payroll data in just a few clicks.
As the product grows, more gig-economy workers will be able to verify income and employment through Truework.
“The Credentials product has been live with a handful of banks and lending institutions over the past few weeks, and we plan on rolling it out to all of our customers over the next few months. The product will be available to API customers, and will be the first of its kind available for lenders using Encompass® as well as self-serve users on Truework.com.”
Last month, Truework announced its integration with the leading loan origination software provider Encompass®, by ICE Mortgage Technology. The company is one of the first API-enabled verification platforms to be integrated with Encompass®.
Truework puts an emphasis on security and compliance, maintaining both SOC 2 and ISO 20071 certifications, and operates as a Consumer Reporting Agency under the Fair Credit Reporting Act – including when providing verifications through Credentials. This assures Truework’s customers of the highest levels of data security and legal compliance (particularly when obtaining verifications for credit decisions) through data accuracy and error correction. Whenever an employee has successfully completed a verification using Credentials, their third-party account details are never stored and deleted as soon as the connection has been made. Truework only shares the appropriate data after the verifying party (i.e., lender) has provided proper authorization from the employee.
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