In Truv, orders are verification requests used to confirm employment, income, insurance, or financial data. They automate data retrieval from payroll and financial accounts, streamlining the verification process for businesses.
In Truv, Orders refer to requests initiated to verify an individual's employment, income, insurance, or financial data through their connected payroll or financial accounts. These automated verification processes help businesses streamline data retrieval, reducing the need for manual verification.
Here are the main types of orders available in Truv’s Dashboard:
1. Income and Employment Verification Orders:
- Combines employment and income verification in a single request.
- Offers a comprehensive financial profile of the applicant for better decision-making.
2. Employment History Verification Orders:
- Confirms an individual's employment details, including company name, job title, start and end dates, and employment status.
- Commonly used by lenders, employers, and background check providers.
3. Direct Deposit Switch Orders:
- Allows users to update or switch their direct deposit settings from one bank to another.
- Typically utilized by payroll providers and financial institutions.
4. Paycheck Linked Loans Orders:
- Verifies employment status, income, and direct deposit details to assess a borrower’s eligibility for paycheck-linked loans.
- Helps lenders reduce default risk by automating loan repayments through payroll deductions.
5. Transaction Orders:
- Retrieves detailed bank transaction history, including income deposits, spending patterns, and recurring payments.
- Used in risk assessments, financial planning, and budgeting analysis.
6. Assets Orders:
- Provides a snapshot of a user's financial assets, including balances, account types, and transaction history.
- Assists lenders in evaluating financial stability for loans, mortgages, and rental applications, often used with income verification.
7. Insurance Verification Orders:
- Confirms insurance policy details, including coverage type, policy status, and carrier information.
- Useful for lenders, insurers, and auto dealerships requiring policy validation.
Each Order contains details such as:
- The employer or financial institution being verified
- The type of verification (employment, income, insurance, etc.)
- The status of the verification process (pending, successful, failed)
- Any relevant documentation or data retrieved