FAQs

FAQs

Frequently Asked Questions

What can this TurboPass report validate?

From a single, consumer-directed/express consent report, our augmented intelligence and data analytics can accurately validate account ownership, direct deposits from validated employers, thereby verifying ID and employment in real-time. 

TurboPass provides current and average balances, cash-flow analysis for 7, 30, 60, 90 Days and aggregates different types of income including SSI, retirement deposits, child support from state agencies, and cash ATM deposits on up to 5 bank or financial institution accounts.  The reports reflect spending patterns over the past 90 days with available advanced analytics.  Current development iterations of the report include additional customer permission Utility Data, soft FICO and advanced identity and OFAC validation available “a-la-carte”

How can we consume/see this report?

Partners can receive the report in different (read Only) formats.  Auto Dealers need a fast and simple way to invite consumers (via Text/SMS) to validate their bank accounts. There is no safer, faster and more Red-Flag Compliant way to collect this information than TurboPass.  After the consumer finishes a 30-45 second process (keeping private credentialing information in their possession) the report is delivered immediately in the form of a simple to read PDF File available in the dealer’s secure dashboard (avoiding the need to print any documents).    Relevant information is provided in the dealer report such as account ownership information, 90 days of all deposits, cash flow analysis, live balance information to help them quickly assess the customer’s “ability” to pay.  Dealers will communicate the TurboPass code either up-front, in the underwriting stage (via RouteOne, DealerTrack, DealerCenter, CUDL pre-determined fields) or in the funding package as a POI Validation.

Auto Lenders can choose to receive/consume the TurboPass reports as a  funding validation tool (Funders can simply look up the unique “TurboPassCode” they receive from the dealership and validate from the Funder dashboard view).  They can also “refresh” the report to get a LIVE real-time look at any recent activity like dealer down payments clearing, recent employer direct deposits (VOE) in real-time.

Is this Report available in a DATA file format?

Our lending partners may choose to receive machine-readable data through our API.  Each granular transaction has an associated data tag (source) that can offer downstream partners, such as auto lenders, ABS pool inventors.   Auditors can get much clearer views into analytics while regulators can be assured that lenders are executing due diligence, running me

Can it be used as a loan servicing tool?

If needed, lenders can send consumers SMS/Text link to verify direct deposits, self-employment income, SSI, or even as a loan servicing aid, in the case of consumer requests to refinance due to a life/job change event and is in need of an extension or deferment.  Having a “true” picture of consumers’ ATP (Ability to Pay) provides VALUE throughout the auto lending cycle and is transferable in case the contract is sold and complies with the FTC 16 CFR Part 433 “Holder in due Course” rule.

FAQs

 

TurboPass helps maintain your lender relationships.

Mike Jarman, Co-Founder of Turbopass

TurboPass helps maintain your lender relationships.

 

Mike Jarman, Co-Founder of Turbopass

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