Point Predictive Releases BorrowerCheck for Dealers, Highlighting Income, Employment, and Identity Risks for Automotive Dealers
Point Predictive Inc., the San Diego-based company that provides artificial intelligence solutions to lenders, launched BorrowerCheck for Dealers, the company’s first solution designed specifically for automotive dealerships. BorrowerCheck enables auto dealers to recognize borrowers with income, employment, and identity-related risks that may result in a demand to buy back the loan from the lender or add friction to future loan applications. The solution offers a more accurate and comprehensive view of borrower risk than the red-flag solutions that dealers use today. BorrowerCheck is the first in a planned suite of products for dealers that will leverage the Point Predictive auto lending consortium. The consortium contains data on more than 120 million historical auto lending applications, 12 billion application risk attributes, and more than 56 million unique consumers.
BorrowerCheck customers can expect to provide higher quality loans to auto lenders, reduce the scrutiny on consumers at the dealership and enhance the speed and experience of the consumer. Higher quality loans to auto lenders will also raise a dealer’s DealerCheck score. DealerCheck is a Point Predictive solution that auto lenders use to evaluate and manage their dealership relationships. So, improving the quality of the loans submitted will enhance the lender-dealer relationship.
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“Our customers’ experience is vitally important to us,” said Ryan Morris, Vice President of Corporate Finance at Mossy Automotive Group. “We believe limiting fraud risk exposure and protecting our dealership reputation while prioritizing our customers’ experience is the key to our continued success. Lowering our risk of buy-back demands will also increase our bottom line.”
In most cases, the solution can help speed up the financing process by focusing a dealer’s validation effort on real risk, instead of false red flags. Using a simple set of data such as the consumer’s name, address, and social security number, BorrowerCheck generates a report that details whether dealers need to gather more information on a prospective borrower’s income, employment, or identity prior to submitting their loan application to lenders. If additional scrutiny is warranted, the report provides recommended tips for performing additional verification.
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“Dealers play a vital role on the front line, helping to validate for lenders whether a prospective borrower is being truthful on their applications for financing. As fraud continues to be a growing concern, a tool like BorrowerCheck will help auto dealers quickly and easily minimize fraud risk for themselves and lenders alike,” said Tim Grace, CEO of Point Predictive. “Lender relationships are crucial to dealers and having a tool to help improve the quality of the loans submitted to lenders improves those relationships and reduces the risk of expensive buy-back demands and friction for the dealerships and consumers.”
BorrowerCheck leverages data from the largest automobile lending data consortium in the United States, purpose-built for risk management with more than 101 million historical income reports, 17 million employer records with 6,500 fake employers, more than 200,000 social security numbers tied to default, 102 million social security numbers of deceased individuals, more than $4.5 billion in loans with early payment defaults, $1 Billion in loans identified as fraudulent and millions of addresses and telephone numbers linked to risk of fraud or loan default.
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