MIAMI--(BUSINESS WIRE)--Today, Truv announces its acquisition of the credit decisioning platform Credegraph. Credegraph cleanses raw banking transactions to derive over 2,200 customer-level attributes to deliver an alternative credit report that allows lenders to underwrite with confidence. This acquisition strengthens the solutions within Truv’s consumer-permissioned data platform by providing significant value to Truv’s financial accounts income and transactions products.
“We saw a problem in the market,” said Truv’s Co-Founder & CEO, Kirill Klokov. “Lenders need access to banking transaction data to verify an applicant’s ability to repay a loan, but banking transaction data is historically hard to decipher. Truv and Credegraph now solve this problem by deriving FCRA compliant credit attributes from banking transaction data so lenders can gather relevant alternative credit data points.”
Today, Truv is the only provider in the market that is solving lending verification problems through a banking aggregation product that has the highest percentage of oAuth API connections in the market paired with a data cleansing engine focused on deriving FCRA-compliant lending attributes.
Credegraph and Truv’s Combined Value
Simply put, the combination of Truv and Credegraph helps lenders to increase efficiency through reducing manual document processing, fund more loans by gathering data in a streamlined way, and reduce risk by acquiring alternative credit data points.
Many lenders today use banking aggregation to gather transaction data to verify an applicant’s income, spending history, and various other attributes. Truv’s financial accounts income product allows for applicants to login to their financial institution and share transaction data with a lender. Other vendors offer banking aggregation services, but they all struggle with cleansing data. The data that is received from bank aggregators is messy, unorganized, and dense. The burden of interpreting the data falls on lenders themselves.
Truv & Credegraph layer over 2,200 different credit-specific attributes (FCRA compliant) on top of banking transaction data to deliver lending-specific insights. This relieves the burden of internal data science teams to build algorithms to interpret banking transaction data and provides underwriting models and teams with the alternative credit data points necessary to reduce default rates and approve more loans. Examples of the 2,200 different credit data attributes include income, cash flow, prior overdrafts, forecasted cash balance, other spending categories, and more.
“Credegraph is very excited and passionate about joining forces with Truv to deliver a new lending verification experience that reduces risk while allowing lenders to approve more loans,” said Credegraph’s Founder & CEO, Bental Wong. “I will be joining the Truv team to further the mission of unlocking the power of consumer-permissioned data.”
The enhancements created from this acquisition will be available to lenders through Truv’s financial accounts income and transactions products. To learn more about this product and how Truv can help you reduce risk while approving more loans, visit Truv.com.
Truv (truv.com), formerly known as Citadel API, is the market-leading consumer-permissioned data platform that enables financial organizations with access to every financial data source available. Use cases supported by Truv include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. Through Truv’s model of having access to payroll data, financial account transaction data, tax data, and insurance data, Truv’s platform is built with unmatched coverage, compliance, and data quality.