Tenet Partners with Point Predictive to Power the Financing of Electric Vehicles with Automated Income Validation
Partnership Increases Conversion Rates by Up To 50% by Eliminating the Need for Traditional Proof of Income
SAN DIEGO, CA – December 7, 2023 – Point Predictive, the leader in AI-powered fraud solutions for the consumer lending industry, today announced its partnership with Tenet Energy, Inc. (“Tenet”), a leading climate-financing platform. Through this strategic partnership, Tenet is integrating Point Predictive’s IncomePass™ solution into its fully digital climate financing ecosystem, offering customers a one-stop shop for everything they need to purchase and own an electric vehicle.
IncomePass empowers lenders to double their conversion rates by harnessing the power of AI and machine learning algorithms alongside a rich dataset of validated income. Leveraging Point Predictive’s proprietary data, encompassing over 145 million historical income reports, equivalent to over a quarter of the US adult population, this solution streamlines the income verification process, granting lenders the ability to waive requests for paystubs and bank statements from borrowers confidently.
IncomePass conducts a lightning-fast analysis, taking into account key factors, including income, employer, employment duration, occupation, job title, and other relevant information. In under 500 milliseconds, it performs a comprehensive comparison to determine the reliability of stated income. This seamless income validation approach simplifies the consumer’s application process, potentially increasing approved applications for lenders by up to 50%.
“As the appetite for renewable energy products, especially electric vehicles, continues to surge, so does the need for reliable fraud prevention as well as our customers’ expectations for streamlined financing experiences,” said Tenet CEO Alex Liegl. “We are excited to partner with Point Predictive, an industry leader that shares our commitment to innovation, sustainability, and making financing solutions more attainable for all.”
Tenet is at the forefront of climate-financing innovation and is dedicated to transforming the financing landscape for renewable energy products, starting with electric vehicles. By providing consumer-centric financial solutions, Tenet makes renewable energy financing more accessible, affordable, and efficient, driving the widespread adoption of eco-friendly products and services. Its groundbreaking financing options aim to put carbon-free emissions within reach for almost every new electric car owner and buyer, supporting sustainability while saving customers money and tracking carbon emission savings and vehicle performance.
Tim Grace, Co-founder and CEO of Point Predictive, adds, “Our mission at Point Predictive is to eliminate the outdated process of collecting paystubs to prove income. Paystubs are highly subject to forgery, and with 93% of the population using direct deposit for their paychecks, virtually no one has easy access to provide it to their lender. Also, many can create fake check stubs faster than consumers can find and download legitimate pay stubs. We’re proud to partner with Tenant to help modernize the lending process with more reliable income validation and, in the process, make it easy on borrowers they want to lend to.”
This partnership between Point Predictive and Tenet marks a pivotal moment in the lending industry’s fight against fraud and supports the mission of driving forward the adoption of renewable energy products.￼
# # #
About Point Predictive
Headquartered in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
Tenet makes it easier than ever to finance renewable energy products, starting with EVs. Through its innovative, climate-focused financial platform designed to accelerate the mainstream adoption of home electrification, Tenet leverages the unique attributes of EVs, chargers, and battery storage, among other technologies, to offer lower monthly payments for consumers and businesses. Tenet connects EV drivers and fleet owners with better loan terms from sustainability-focused financial institutions, conveniently through the company’s website or dashboard, as well as through its partners’ platforms. For more information, visit www.tenet.com. Join the conversation on X (formerly Twitter), Facebook, LinkedIn, Instagram, and TikTok.