TransUnion Announces Strategic Partnership with Truework to Expand Income and Employment Verification Solutions
TransUnion (NYSE: TRU) announced today a strategic partnership with Truework, a leading provider of verification of income and employment (VOIE) services in the U.S. Truework provides a comprehensive and efficient one-stop platform for VOIE information while also giving consumers greater control of their personal and financial information. This strategic partnership follows a strategic minority investment TransUnion made in Truework earlier this year.
Together, Truework and TransUnion intend to provide comprehensive income verification coverage with robust credit data. This will give verifiers an up-to-date view of consumers, enabling better insights and more efficient decision making.
“We expect that our collaboration will allow customers to derive superior insights and make more informed decisions by providing a broader view of consumers,” said Hilary Chidi, EVP, Credit Risk Solutions and Chief Sustainability Officer of TransUnion. “In turn, we expect that consumers will benefit from a clearer picture of themselves when they apply for loans, employment and other opportunities.”
This commercial partnership is expected to provide TransUnion with capabilities to address increased market demand for VOIE with a full suite of customizable solutions across different industries. The partnership will begin servicing select industries first with others to follow. In addition, TransUnion and Truework plan to work together on developing the next generation of VOIE solutions.
“We expect this partnership to enable Truework to accelerate our distribution to TransUnion customers," said Pravesh Mistry, Chief Revenue Officer of Truework. “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.”
Headquartered in San Francisco, Truework connects and coordinates every verification method that customers need into a single platform, accelerating decisions with accurate income data. Through this unique multipronged approach to verifications, Truework covers 90% of U.S. employees. Truework is also an authorized report supplier for Fannie Mae’s Desktop Underwriter® (DU®) validation service, a component of Day 1 Certainty®. Currently, 20 of the top 25 mortgage lenders in the U.S. rely on Truework for income verifications.
“We are passionate about improved consumer outcomes and take pride in the fact that tens of millions of Americans have access to credit — and access to more affordable credit — because of our leadership in trended and alternative credit data,” added Chidi. “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.”
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good®—and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
On a mission to create trust in every financial transaction, Truework provides a one-stop, customizable platform for income and employment verification that prioritizes efficiency, accuracy, and security. Using Truework, banks, lenders and tenant screening providers can verify 90% of U.S. employees.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion’s actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession and industry trends and adverse developments in the debt, consumer credit and financial services markets; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; our ability to effectively manage our costs; economic and political stability in the United States and international markets where we operate; the effects of the COVID-19 pandemic; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; risks related to our indebtedness; our ability to maintain our liquidity; and other one-time events and other factors that can be found in TransUnion’s Annual Report on Form 10-K for the year ended December 31, 2022, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion’s website (www.transunion.com/tru) and on the Securities and Exchange Commission’s website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.