Truv vs. Traditional Verification Methods
The Challenges of Legacy Verification
Historically, income and employment verification was a slow, manual process. Borrowers had to collect and submit physical copies of tax returns, bank statements, and employment documents—often taking days or weeks. Lenders then had to track and manage these documents, delaying approvals and complicating workflows.
Instant database verification services sped up the process but introduced significant costs—up to $123 per borrower or $500 per loan file for co-borrowers. These rising expenses forced financial institutions to balance efficiency and profitability.
How Truv Improves Verification
Truv eliminates inefficiencies and high costs by connecting directly to 12,800+ payroll providers. Instead of relying on expensive third-party databases, Truv provides fast, accurate, and cost-effective verifications through consumer-permissioned data.
With Truv Bridge, borrowers complete verification in under a minute, allowing lenders to:
- Access real-time income and employment data
- Automate verification processes
- Reduce manual work and delays
Truv vs. Competitors
Greater Coverage
Truv connects to over 12,800 payroll providers and 2.3 million employers, enabling higher match rates and more successful verifications. Many incumbents lack the necessary coverage, leading to incomplete or failed verifications.
Lower Costs
Unlike database-driven solutions that charge excessive fees, Truv’s consumer-permissioned model eliminates high costs while maintaining data accuracy. By removing reliance on costly third-party providers, financial institutions improve margins without compromising efficiency.
Optimized User Experience
Truv’s intuitive interface improves completion rates by reducing friction for borrowers. Many incumbents struggle with complex or outdated designs, leading to higher drop-off rates. Truv also enables custom templates, allowing lenders to personalize the verification process for a smoother user journey.
Faster Verifications
With Truv Bridge, borrowers complete verification in seconds, reducing approval times and improving borrower experience. Many competitors require multiple steps or manual intervention, slowing down the process.
Seamless Integrations
Truv integrates with major point-of-sale (POS) and loan origination systems (LOS), enabling lenders to collect borrower details early in the loan application process. Many competitors lack streamlined integrations, creating delays and additional development work.