IncomePass™: Revolutionize the Way You Validate Income for Lending
Getting loan applications through the door and closing deals is exciting. But many fintechs experience agony and heightened abandonment rates when it’s time to collect proof of identity, employment—and the most onerous—income.
Pay stubs are tedious and ineffective verification instruments that generate massive friction to lending and open doorways to fabricate pay. IncomePass lifts these obstacles, making it easier and faster to validate income more accurately.
How IncomePass makes income validation easy
IncomePass is Point Predictive’s alternative to paystubs. This data-driven solution verifies an applicant’s stated income in real time against our proprietary data repository and third-party sources.
The IncomePass API integrates directly with any loan origination system (LOS). Once implemented, your LOS will send a real-time call to the IncomePass solution, which will run a validation on the borrower’s income and return a response on 100% of applications.
IncomePass quick stats
We’ll run the information through our models and present an IncomePass report that compares application activity across different lenders to see the applicant’s previous incomes, jobs, and other information they’ve supplied over time. Our analysis informs the lender of any discrepancies that indicate income fabrication and reveals the likelihood of whether a stated income is accurate.
Within a second, IncomePass assigns the applicant a score between 1 and 999 based on the supplied information and delivers the score, alerts, and a PDF report to the lender. The lower the score, the lower the likelihood of material misrepresentation and the less likely IncomePass is to recommend additional paperwork for income validation.
Data that we ask for to generate an IncomePass score1
IncomePass requires standard data to provide a score for an applicant:
- Phone number
- Date of birth
- Stated income amount
IncomePass benefits for fintech lenders
Using IncomePass to validate income comes with many benefits:
- Improves conversion by up to 50%
- Costs significantly less than other income verification services.
- Removes friction by bypassing paystub requirements for low-risk applicants.
- Makes it easy to make confident lending decisions with greater speed and accuracy.
- Decreases risks and losses resulting from paystub fabrication and income misrepresentation.
- Makes it easier to determine which borrowers to validate and which ones to not.
How it’s different from other services
While other income solutions may verify an applicant’s income, this comes with major limitations such as database coverage. IncomePass validates an applicant’s stated income 100% of the time. Drawing from the data the lender sends about the applicant, IncomePass uses artificial intelligence to determine the probable income for the applicant as well as what their income range most likely is. In comparison to income verification services, IncomePass does the following:
- Operates at a fraction of the cost—0.50 to $1.50/application.
- Requires virtually no wait time—no need to dial and stay on hold for income verification.
- Provides greater coverage and income validation responses for more applicants.
- Guarantees a response 100% of the time when required fields are supplied.
- Reduces friction by eliminating applicant wait time.
- Has a much larger proprietary data repository to pull from compared to competitors.
All data transmitted to and from Point Predictive’s secure, virtual production cloud environments at Amazon Web Services (AWS) uses Transport Level Security that provides end-to-end encryption. Data is decrypted in memory and processed to generate the IncomePass Results.
All customer data retained by Point Predictive is encrypted at rest using AES-256 compliant methods. Point Predictive conducts continuous sweeps of its AWS environments to monitor for security vulnerabilities. A third-party penetration and vulnerability test is conducted annually and a SOC2 Type 2 report is also prepared annually by an independent auditor.
To view a demo of IncomePass, schedule a complimentary demo with one of our product specialists.
1 IncomePass is not meant to be used to make credit decisions, so credit information is not a required field to generate an IncomePass score.