TransUnion Announces Strategic Partnership with Truework to Expand Income and Employment Verification Solutions

CHICAGO, June 14, 2023 (GLOBE NEWSWIRE) -- 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.