Checkr has acquired Truv, a consumer-permissioned income, employment and asset verification platform, expanding Checkr’s presence in mortgage verification while marking its entry into government benefits eligibility verification. Financial terms of the transaction were not disclosed.
The acquisition builds on Checkr’s broader expansion beyond background screening as the company pursues what it estimates is a $45 billion market opportunity spanning identity, workforce, mortgage and tenant verification.
Checkr now serves more than 140,000 customers worldwide across employment, mortgage and tenant verification.
The company has been expanding its product portfolio as AI-generated fraud increases demand for stronger ways to confirm identity, employment, income and other information used in high-stakes decisions.
Truv allows consumers to authorize direct connections to payroll providers and financial institutions so organizations can verify income, employment and assets in real time.
Its network reaches approximately 96% of the U.S. workforce.
The approach gives lenders and government agencies access to information directly from source systems rather than relying primarily on slower manual documentation.
Checkr said that can also improve the consumer experience by reducing errors and delays that could affect decisions involving mortgages, government benefits and other important services.
The acquisition significantly strengthens Checkr’s mortgage verification capabilities.
Truv’s payroll and financial institution connectivity can help loan officers verify borrower employment, income and assets more quickly.
Checkr pointed to income fraud as a major problem in mortgage lending, noting that it accounts for nearly half of the fraud findings in Fannie Mae investigations cited by the company.
The transaction also takes Checkr into the government market for the first time.
Truv already works with a growing number of state agencies that administer social services programs including Medicaid and the Supplemental Nutrition Assistance Program.
Those agencies must verify eligibility while attempting to reduce improper payments and deliver benefits without unnecessary delays.
Checkr cited an estimated $186 billion in improper government payments during the previous year as evidence of the scale of the verification challenge facing public-sector programs.
Truv’s technology is intended to help agencies determine eligibility using real-time, consumer-permissioned information obtained directly from payroll and banking systems.
The combination also broadens Checkr’s effort to establish itself as a single verification platform for businesses, government organizations and individuals.
Checkr’s AI technology is designed to interpret fragmented information and provide clearer answers related to identity, background and credentials.
Adding Truv gives the platform deeper access to employment, income and financial information alongside Checkr’s existing verification products.
Truv’s broader open finance platform also supports payroll and bank connectivity and can verify information involving consumer payroll, bank accounts, self-employment, education and volunteer activity through API integrations.
Checkr believes bringing those capabilities onto one platform can reduce the number of separate verification systems organizations need to use for high-stakes decisions.
The acquisition comes as AI creates both opportunities and challenges for verification companies.
More sophisticated digital fraud increases the importance of reliable source data, while AI can also help organizations interpret that information and automate decision-support processes.
For Checkr, Truv adds another layer of directly sourced data to a platform increasingly focused on helping organizations determine whether information about individuals is accurate.
KEY QUOTES:
“In an AI world, human verifications have become essential to nearly every industry, but too often they’re fragmented across different systems and providers.”
“Our vision is to build a single platform that helps businesses, government agencies, and individuals navigate those decisions with greater accuracy, speed, and confidence. Getting it right matters just as much for the organization relying on that information as it does for the person being verified. Bringing Truv into Checkr helps accelerate that vision.”
Daniel Yanisse, Co-Founder and CEO of Checkr
“From day one, we’ve believed people should have greater visibility into and control over their own financial information.”
“Checkr shares that belief of transparency and fairness, along with a commitment to making verification faster, more accurate, and more transparent. Together, we’ll bring trusted, accurate data to more organizations while creating better experiences for the people whose lives are impacted by these high-stakes decisions.”
Kirill Klokov, Co-Founder and CEO of Truv
