TransUnion announced on Wednesday that it has entered into a commercial agreement with Truework, an income and employment (VOIE) services verification provider, in order to provide comprehensive income verification coverage.
Together, Transunion and Truework will offer verifiers an accurate and up-to-date view of consumers’ income and credit data, enabling better insights and more efficient decision-making, according to a press release.
“We expect this partnership to enable Truework to accelerate our distribution to TransUnion customers,” Pravesh Mistry, chief revenue officer of Truework, said. “We are excited to combine our expertise and resources to evolve the income verification process for lenders, while improving the experience for the end consumer.”
The partnership positions TransUnion to address the growing market demand for VOIE, offering customizable solutions across various industries. The initial focus will be on select industries, with plans to expand to others in the future.
Truework and TransUnion will also collaborate on developing the next generation of VOIE solutions.
“We see great synergies with Truework that will allow us to provide a more holistic view of each individual and look forward to continuing to grow this partnership,” Hilary Chidi, EVP of credit risk solutions and chief sustainability officer at TransUnion, said.
As part of the collaboration, Truework will leverage its one-stop platform for VOIE information to offer consumers greater control over their personal and financial data. The agreement follows TransUnion’s strategic minority investment in Truework earlier this year.
“We expect that our collaboration will allow customers to derive superior insights and make more informed decisions by providing a broader view of consumers,” Chidi said. “In turn, we expect that consumers will benefit from a clearer picture of themselves when they apply for loans, employment, and other opportunities.”
Headquartered in San Francisco, Truework offers a comprehensive platform that streamlines the verification process by integrating various methods. Through this approach, Truework covers 90% of U.S. employees. The company is also an authorized report supplier for Fannie Mae‘s Desktop Underwriter validation service, relied upon by 20 of the top 25 mortgage lenders in the U.S.
TransUnion is a global information and insights company that operates in more than 30 countries with over 12,000 associates. The company’s solutions extend beyond core credit, encompassing marketing, fraud, risk, and advanced analytics.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.