If you work with a lender who accepts TurboPass reports for both or either Proof of Income or Proof of Residency - it is such a help when collecting documents for funding deals. It is also nice that the customer does it on their own and does not need to worry about printing or bringing documents with them. There are some financial accounts customers have that are not compatible, but it is not very frequent. TurboPass has added many financial institutions since we signed up and it has become more useful for that reason. If you think TurboPass is something your lenders will accept, I would recommend subscribing!
TurboPass verifies the customers contact information - you can assume that because it links to their personal bank accounts which will display the contact information the bank has on that person's account file. You can also verify a customer's income prior to seeing paystubs based on the report but you would see direct deposits (if the customer has direct deposits). The report also breaks information down, so you get a report of all credits, one with all deposits, a mix of transaction history, and you also get some data in terms of average daily balance for each of the customer's accounts. Overall, if you have issues collecting multiple forms of paper documents from customers.
TurboPass also offers reports to verify Residency alone. This comes in handy if the account the TurboPass report is generated from does not contain the customer's address (or if they have moved and did not update it), there is another report you can send the customer where they can log in and pull a utility bill from the list. This list has also expanded since we were onboarded and is helpful for the reasons stated above!
A lot of features are offered through TurboPass that may seem simple, but you may be surprised as to how often you may use it for verifications!
-- Alyssa S