SAN DIEGO, Calif June 25, 2020 – Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that Tricolor Auto will use the company’s Auto Fraud Manager solution to improve risk identification during the lending process.
“Tricolor’s focus has always been to use advanced data analytics and Ai technologies to deliver high quality used vehicles at affordable loan rates for low income families,” indicated James Li, Chief Risk Officer of Tricolor. “Point Predictive’s solution fits right into that strategy because of the unique insights their consortium and Ai bring to our decisions. With their scores, we can instantly assess the risk of both misrepresentation and the related probability of default. This helps us make more informed fraud management decisions about each loan application – which ones can be queued for streamlined processing and which one we might need to take a closer look at. Ultimately, we will fund more loans, faster and more safely, to worthy borrowers.”
Tricolor will use Auto Fraud Manager with Auto Fraud Alert technology. The solution helps lenders increase fraud detection by leveraging enhanced predictive algorithms and powerful proprietary alerting technology. They will have access to over 100 fraud alerts that match suspicious activity across the industry as well as fraud scores which can help them identify early payment default while simultaneously streamlining their lowest risk applications. The solution will enable Tricolor to screen for, and detect, all types of fraud including identity, employment, income, collateral and dealer risk.
“We are delighted to have Tricolor join our growing list of lenders that are leveraging the power our Ai,” said Tim Grace, CEO of Point Predictive. “Our unique approach of combining Artificial + Natural Intelligence [Ai+Ni] and harnessing the power of our proprietary consortium data has proven to work time and time again for lenders across the risk spectrum. Our testing with Tricolor showed that we were not only able to help them better streamline low-risk applications for quicker funding, but we could also help them identify high-risk applications that might require more scrutiny for potential fraud or misrepresentation. In the end, this will result in lower early payment defaults and more pull through, since they can potentially avoid costly and time-consuming stipulations when the risk is low.”
For auto lenders that are interested in more information on Auto Fraud Manager, please contact firstname.lastname@example.org.
About Point Predictive Inc.
Point Predictive enables lenders to fund more loans simply with a unique combination of Artificial and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. Point Predictive helps automotive, mortgage, retail and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
Tricolor is a Community Development Financial Institution (CDFI) and mission-driven company which sells and finances high quality, certified used motor vehicles through its premium brands, Tricolor Auto Group in Texas and Ganas Auto Group in California, utilizing advanced data analytics and technology to advance financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to individuals with no or limited credit history.
Headquartered in Dallas, Tricolor and its affiliate Ganas Auto Group operate 38 retail dealerships across 12 markets in Texas and California, as well as a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served nearly 60,000 customers and disbursed over $1 billion in affordable auto loans by using its proprietary model to segment risk.