Key facts
- Checkr has acquired Truv, a consumer-permissioned income, employment, and asset verification provider.
- The acquisition expands Checkr's mortgage and tenant verification capabilities.
- Checkr is entering the government benefits eligibility verification market.
- Truv's network reportedly covers 96% of the U.S. workforce.
- The deal aims to speed up borrower verification and reduce income fraud for mortgage lenders.
Checkr has acquired Truv, a provider of consumer-permissioned income, employment, and asset verification services. The deal is expected to enhance Checkr's offerings in mortgage and tenant screening, while also marking its entry into the government benefits verification sector. Truv's technology connects directly to payroll providers and financial institutions, reportedly reaching 96% of the U.S. workforce.
For the mortgage industry, the integration of Truv's data is intended to accelerate borrower verification processes and combat income fraud, which Fannie Mae notes accounts for a significant portion of fraud findings. This move aims to shorten loan cycle times and support automated underwriting in a volatile market.
In the government sector, Truv already partners with state agencies for programs like Medicaid and SNAP. This expansion addresses the pressure on these agencies to reduce improper payment rates, estimated by the GAO to be substantial for major federal programs.
Checkr CEO Daniel Yanisse views the acquisition as a step towards a unified verification platform, while Truv CEO Kirill Klokov emphasized a shared commitment to consumer control and data transparency. The consolidation of verification workflows around large, API-driven platforms is noted as a trend in the mortgage and housing sectors.