PointPredictive and defi SOLUTIONS Join Forces to Fight Rising Auto Lending Delinquency and Default Rates
New partnership enables close to 100 auto lenders turn-key access to the industry-leading misrepresentation and fraud scoring solutions.
SAN DIEGO, Calif., March 15, 2018 – PointPredictive, a leading provider of machine learning fraud and misrepresentation solutions, has announced a new partnership with defi SOLUTIONS.
PointPredictive brings the market-leading suite of artificial intelligence (AI) predictive scoring that identifies the presence of material misrepresentation and fraud within automotive loan applications and automotive dealers. This predictive technology has been shown to streamline auto lending decisions in real-time while protecting and reducing auto lender losses by 50 percent or more in fraud and first and early payment defaults due to material misrepresentation. These types of losses are forecasted to represent a nearly $6 billion problem industry wide.
The defi SOLUTIONS platform of services offers lenders the flexibility and freedom to leverage leading-edge technologies like PointPredictive’s to optimize decisioning efforts. defi SOLUTIONS’ auto lending customers will be invited to participate in a limited-time, no-risk, pilot of PointPredictive’s solutions. They will also receive no-fee membership in the PointPredictive Auto Fraud Consortium. “This addition to our partner roster helps ensure our clients have quick access to the information they need to run their businesses,” said Stephanie Alsbrooks, CEO at defi SOLUTIONS.
“We are very excited about our new partnership with the fastest growing auto origination platform in the US — defi SOLUTIONS,” says Tim Grace, CEO of PointPredictive. “Our vision is to provide a real-time, actionable fraud score for every auto loan application in the industry.
Credit scores and identity fraud alerts are not sufficient to allow lenders to determine when someone has made a material misrepresentation of information on an application. These material misrepresentations are some of the leading reasons why default and loss rates are
PointPredictive users have real-time access to Auto Fraud Manager 2.0 and DealerTrace 2.0, which increase fraud detection by leveraging enhanced predictive algorithms that evaluate the entire loan application, as well as recent activity from dealers. This enables lenders to screen
for, and detect, all types of fraud including identity, employment, income, collateral and dealer risk. In recently-completed evaluations, Auto Fraud Manager identified more than 50 percent of fraud, first payment defaults and misrepresentation-related early payment defaults within the
riskiest 7 to 10 percent of all applications, when rank-ordered by the Auto Fraud Manager score.
About defi SOLUTIONS
defi SOLUTIONS provides the only leading edge, browser-based loan origination system (LOS) that is completely configurable by lenders. The defi system allows auto lenders to manage the application lifecycle from a single, highly flexible platform. The defi LOS is affordable, scalable and easily changed with market demands. For more information, go to www.defiSOLUTIONS.com, defiSERVICING.com or defiEXCHANGE.com.
About PointPredictive, Inc.
PointPredictive, Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the billion-dollar fraud problems of auto lending, mortgage lending and on- line retail fraud with the latest technology platforms, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.