Truv, a consumer-permissioned data platform, has acquired credit decisioning platform Credegraph in a move to continue modernising the lending verification experience.
Truv, formerly known as Citadel API, provides financial organisations with access to various financial data sources, supporting use cases such as income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. Credegraph, on the other hand, cleanses raw banking transactions to derive over 2,200 customer-level attributes, offering an alternative credit report that allows lenders to underwrite with confidence.
The acquisition aims to remove the burden placed on lenders to interpret complex banking transaction data. This will be achieved by adding over 2,200 unique credit attributes to Truv’s financial accounts income and transactions products. The deal’s value has not been disclosed.
Truv is the only provider in the market that addresses lending verification problems through a banking aggregation product with the highest percentage of oAuth API connections. It is complemented by a data cleansing engine focused on deriving FCRA-compliant lending attributes. The combination of Truv and Credegraph will help lenders increase efficiency, reduce manual document processing, fund more loans through streamlined data gathering, and reduce risk by acquiring alternative credit data points.
Credegraph’s credit-specific attributes, which are FCRA compliant, will be layered over banking transaction data to deliver lending-specific insights. This will relieve the burden on internal data science teams and provide underwriting models and teams with the alternative credit data points necessary to reduce default rates and approve more loans.
Credegraph Founder & CEO Bental Wong said, “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.” Wong will be joining the Truv team to further the mission of unlocking the power of consumer-permissioned data.
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