HomeCorporate BlogIntroducing ‘Income Navigator,...

Introducing ‘Income Navigator,’ a New Leader in Income Verification Coverage, Flexibility, and Compliance

Nova Credit bolsters its product offering to help more companies automate verification of income, significantly improving coverage, conversion and user experience.

Nova Credit bolsters its product offering to help more companies automate verification of income, significantly improving coverage, conversion and user experience.

Key takeaways: 
  • Income Navigator’s VOI waterfall provides broad coverage with 98%+ of the U.S. market, leveraging bank data, payroll systems, and pay stub data

  • Partners have increased consumer conversion rates by up to 80% vs. previous solutions

  • Over the past 12 months, Income Navigator has been used by over four thousand companies across consumer lending and tenant screening 

At Nova Credit, we are on a mission to rewire traditional credit processes with better data infrastructure and analytics. Verification of income has been a critical step in credit and tenancy processes yet remains fragmented, slow, and susceptible to fraud. That is why today, we are proud to announce the expansion of our VOI (Verification of Income) capabilities as we introduce our new product vertical “Income Navigator.”

Let’s face it, traditional income verification methods and sources fall short of the user experience and performance that is needed in our dynamic economy; they are often disjointed, prone to fraud, and unusable by growing populations, like non-salaried earners. Whether you are verifying an employee at a Fortune 500 company, a gig economy worker, or self employed, Income Navigator is designed to meet the variety of use cases within your workflow. Leveraging our data sources and platform, Nova Credit has perfected Income Navigator to yield a powerful combination of performance, flexibility, and compliance. 

Whether you’re a lender, property management software provider, or anyone else looking to automate income verification, we help you navigate through it all by creating the most accurate picture of an applicant’s income, whether that income is from a single employer or multiple. By leveraging bank data, payroll data, and automated document analysis, customers can verify income for more applicants (98% in the U.S.) and streamline their process, all while reducing the risk of fraud. With Income Navigator, lenders can add an income verification connection directly within the application process, enabling verification in minutes.

We wanted a name that truly encapsulates the product’s full capabilities. Income Navigator isn’t just a tool for verifying incomes; it’s your compass to navigate a sea of asset, employment, and account data, helping you customize your verification workflows even more. Along with this expansion, we’re also rolling out new features and enhancements to make your experience even smoother. Think higher completion rates, easy plug-and-play widgets, and increased coverage with multiple authentication methods.

Our income verification solution is already trusted by more than 4,000 customers, including property management softwares, like Yardi, and lenders, like SoFi. Partners can continue to reap benefits like:

  • Wide coverage: Allow 98%+ of U.S. consumers to verify income instantly using their choice of bank data, payroll data, and pay stub upload.

  • Fraud-resistant data: Reduce risk of fraud through seasoned data collected directly from banking institutions or payroll systems for income.

  • Customized workflows: Create customized consumer experiences using embedded and no-code options and retrieve processed data through our dashboard or API.

  • Fair Credit Reporting Act (FCRA) consumer reports: Approve, decline, and send adverse action notices, while Nova Credit manages disputes.

To learn more about Income Navigator, visit: novacredit.com/income-navigator.

Chart your lending journey with Nova Credit’s full suite of solutions: Credit Passport® for cross-border credit, Cash Atlas™ for cash flow underwriting, and now Income Navigator – your all-in-one income verification solution.

Announcing the Cash Flow Underwriting Summit: a first-of-its-kind executive summit dedicated to exploring and advancing the practice of cash flow underwriting in consumer lending.