Groundbreaking partnership with Steady allows financial institutions to verify earnings for non-standard workers, expand addressable market for lending while helping workers overcome pervasive hurdle to borrowing
COLUMBUS, Ohio, Nov. 29, 2022 /PRNewswire/ -- Telhio Credit Union, a non-profit financial institution serving more than 70,000 workers and families, today announced an ambitious new initiative designed to help non-standard workers access credit products and services. Developed in partnership with Steady, the effort will enable gig, 1099, and hourly workers that now comprise an estimated one-third of the national labor force to establish the history of earnings required for mortgages and other financial products.
"This is about harnessing the potential of technology to expand economic opportunity for a segment of the population that is exploding but often struggles to access credit," said Derrick Bailey, President of Telhio. "It reflects the fact that the way financial institutions verify income history is out of step with the way that a growing number of Americans work and earn."
Non-standard workers such as 1099 and gig earners, who now make up more than one-third of the U.S. labor force, often struggle to establish the earnings history required to underwrite consumer loans and a wide range of other credit products and financial services. Telhio, a Community Development Financial Institution, is among a growing number of financial institutions addressing this challenge with Steady's Income Passport, which is already used by state workforce agencies to verify income in real time and streamline access to safety net benefits like Unemployment Insurance, Temporary Assistance for Needy Families (TANF), and the Supplemental Nutrition Assistance Program (SNAP).
"Telhio has a well-earned reputation as a financial institution that has prioritized the financial health and stability of its community," said Adam Roseman, CEO and Co-founder of Steady. "This is about embracing the potential of emerging technology to verify income in ways that expand access to credit — and unlock new paths to economic opportunity for non-standard workers and their families."
"We're excited to partner with Telhio to solve a significant blind spot in income verification — and to scale our work into the lending use-case after proven successes with public benefits implementations," said James Haberlen, Steady's Chief Commercial Officer. "Consumer-permission income verification is the way of the future, and we look forward to seeing the impact of this collaboration as a growing number of credit unions embrace the potential of these innovative models."
For more information, please visit www.steadyIQ.com.
Steady is the leading source of insight into the 1099, gig and contingent workers that now make up more than one-third of the U.S. workforce. Our workflow solutions are used by governments to verify income — and reduce fraud. Our earnings data allow lenders to grow their addressable market. We help employers understand the financial health of workers to attract and retain talent. Co-founded by Shaquille O'Neal, Steady draws upon more than $1.5 billion of enriched financial transactions and $140 billion deposits from 6 million workers who use Steady to track and boost their earnings everyday.
As Central Ohio's fastest growing credit union and Ohio's top SBA (Small Business Administration) lending credit union, Telhio serves more than 71,000 individuals, families and businesses across central and southwestern Ohio with the newest innovative financial technology, while providing personalized service for each member. Founded in 1934, and owned and governed by its members, Telhio's core values of caring, commitment and integrity guide each action and decision the credit union makes. Telhio offers 12 branching offices in Ohio and nearly 4,000 shared branching locations nationwide. Telhio is open to anyone who lives, works, worships, or goes to school in central and southwestern Ohio and participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.