Alternative Lending/ Fintech
IncomePass analyzes stated income against millions of historically reported salaries across all occupations and cities, IRS income data, census data, and many other sources to validate an applicant’s income for reasonableness. It is an automated and reliable way to identify when a borrower’s income is materially overstated.
How It Helps
- Reduces losses due to income misrepresentation by detecting 60% – 80% of inflated income
- Eliminates the high cost of income verification for the vast majority of applications
- Improves your customer’s experience by reducing friction (i.e., requests for pay stubs) for most borrowers
- Increases pull-through by validating income in real time
EmployerCheck provides a detailed, sub-second response to a lender’s inquiry. The lender only needs to provide an employer name and phone number to generate an EmployerCheck report, which includes at least 11 risk factors that can help determine whether to request additional verification materials from the borrower. EmployerCheck, on average, will find a match to the stated employer about 90% of the time, and the results can be integrated into any commercial loan origination system.
How It Helps
- Increases detection of fraud and misrepresentation of employment on loan applications ¾ traditional solutions only cover large corporations or use small sets of confirmed historical fraud
- More cost-effective than other solutions, such as The Work Number from Equifax
- Improves the customer experience for the vast majority of applicants by requesting documentation or further verification from only a small subset or borrowers