Better manage risk and make more precise lending decisions with added insight into an applicant’s income
When lenders make decisions today, understanding how much money an applicant earns may not tell the complete story—an applicant's current income is only a single data point in the grander scheme of an applicant's earnings. Lenders are really trying to assess the risk of the applicant being unable to repay a loan in the future so that they can price the risk appropriately.
And as some loan terms trend longer due to inflation and the income volatility of the American population continues to rise, understanding how an applicant's income may change over time and the consistency of that income stream can help lenders make the most informed decisions.
We've developed Income Analytics to allow lenders to go beyond top-level data and get more insight into an applicant's financial health. Income Analytics provides a set of calculated data points derived from Truework verified income data to help lenders better manage risk and make more precise lending decisions.
Income Analytics can be used alongside verified income data to more accurately underwrite and price loans. Here's how:
Both Projected Income and Income Stability are available via API as an add-on to the Truework Pre-approval and Instant offerings and are included in Truework's FCRA-compliant consumer report. To get started, check out the documentation. These use cases are just a starting point—speak to an expert to guide you through implementation and learn how other lenders are using these data points today.