SteadyIQ Review: How It Simplifies Income Verification

What is SteadyIQ?

SteadyIQ is an enterprise solution for verifying the income of benefits applicants. Its main product is the Income Passport, which aggregates and verifies income from diverse sources. SteadyIQ is used by public sector agencies and financial institutions to directly connect to bank accounts, digital wallets, payroll providers, and gig platforms.

The company behind SteadyIQ also launched a consumer-facing app, called Steady App, which provided job listings, discounts, income tracking, and other financial tools, but it’s currently discontinued. SteadyIQ still helps individual applicants by addressing the complexity of gig and remote work pay sources.

Key Features of SteadyIQ

Income Passport

Income Passport is the core of SteadyIQ’s income verification process. With users’ consent, it connects to financial institutions to aggregate income data. This allows for accurate real-time verification of all income, including pay slips, gig platforms, W2, 1099, and self-employment income.

Fraud Detection

SteadyIQ uses advanced in-built AI fraud detection engines to process verified income. Fraudulent or inaccurate gains are detected by checking suspicious patterns, duplicate claims, and other inconsistencies. The data in SteadyIQ is encrypted and protected by applicants’ logins and consent.

Data Sources

SteadyIQ aggregates data from a wide range of sources, including gig platforms, digital wallets, bank accounts, payroll services, and many others. The convenience of SteadyIQ means that applicants don’t need to visit all data sources separately, and everything is connected into one process.

Efficiency Gains

The SteadyIQ system shortens the verification time for applicants to under ten minutes. All information is shared in a single form only once. The increased efficiency lowers the time it takes to process the application for institutions as well, since everything is displayed in a unified format.

Case Studies and Government Use

Missouri

Missouri state benefits application systems were not designed to accommodate W2, self-employed, and other non-traditional income. Introducing Income Passport reduced rejection rates and cut decision time by thirty percent

Alabama

SteadyIQ has supported the state of Alabama by streamlining the income checking of unemployment and other benefits. The income passport decreased the processing time of applications from up to an hour to only a few minutes

Louisiana

The social services and other benefits programs in Louisiana were able to decrease the processing time from twenty-one days to less than one day. Applicants are now able to submit income and make verified data forms in one place

Comparing SteadyIQ to Competitors

SteadyIQ competes with several companies in the income report automation and workforce management industries. Its strength lies in its orientation to government benefits programs and innovations in data aggregation for diverse income types of non-traditional workers

The Work Number (by Equifax) is mostly used for employment purposes, and compared to SteadyIQ, it lacks real-time data

Argyle is a more technical solution that offers a direct API connection with good coverage of gig work, mainly used by lenders and financial institutions

Pinwheel offers a real-time API connecting with HR and financial systems for verifying income and background checks

Pros and Cons of SteadyIQ

Pros of SteadyIQ

Real-time income aggregation process

Designed specifically for gig work, 1099, and self-employment income

Streamlined for government workflows

Cons of SteadyIQ

Not much used outside the public sector

Limited transparency in pricing and user feedback

Final Thoughts on SteadyIQ

Although there are some alternatives, the usage of SteadyIQ in the US is growing in different states. SteadyIQ should not be feared when you are applying for government benefits as a non-traditional worker. Instead, it will make the process of applying for benefits easier when you have a diverse income.

Have questions?

We’ve got answers. The most common questions answered in one place.

What types of income can SteadyIQ verify?

SteadyIQ can verify a wide range of income types, including wages reported on W-2 and 1099 forms from gig platforms, income from financial institutions, digital wallets, payroll providers, and unearned income, such as interest, retirement, and others. All income data is aggregated into a single report for easy access and sharing.

Can individuals use SteadyIQ independently, or is it only for government agencies?

The income passport can generate a report of your income that you can use anywhere. Unlike the previously available Steady app, such usage lacks individual functionalities and is only available while applying for government benefits. While limited, the SteadyIQ report is still useful for income verification and control over your finances.

How does SteadyIQ prevent fraud in income verification?

SteadyIQ leverages AI and machine learning models to efficiently clean and enrich applicant data, ensuring their income is correctly displayed. Similarly, its fraud detection engine monitors real-time income information from linked accounts to ensure the integrity of income reports.

How does SteadyIQ ensure data privacy and security?

All data in SteadyIQ is collected only with the applicant’s consent to avoid data leaks. Access to income information is possible only to authorized personnel of relevant government institutions and users themselves. Additionally, encryption measures are used to protect sensitive user data in case someone wants to access it outside official processes.