Validation Solutions
If you’re using paystubs to verify borrower income, there’s a better way. Point Predictive provides validation solutions for both income and employment.
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.
IncomePass helps reduce losses due to income misrepresentation by detecting 60% – 80% of inflated incomes. It also eliminates the high cost of income validation for the vast majority of applications.
Point Predictive introduces EmployerCheck™, the lending industry’s only consortium data and Artificial + Natural Intelligence™ solution that provides a prediction of employer and source of income legitimacy. Almost anyone can create a completely fictitious business that appears genuine to loan reviewers. EmployerCheck gives you a reliable signal for when to ask your applicant for more information on their sources of income.
EmployerCheck provides a detailed, sub-second response to a lender’s employer 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.
Traditional data sources used for verifying sources of income fail to detect more fraud and misrepresentation on loan applications because they only cover large corporates or small sets of confirmed historical fraud.
EmployerCheck is uses Point Predictive’s loan industry consortium data set, which contains over 17 million legitimate and suspicious employers claimed on nearly 100 million loan applications. Every EmployerCheck prediction of source of income is as accurate it can possibly be.
Synthetic ID Alert uses machine learning to score loan applications on the likelihood that an application contains a synthetic identity. If an application scores as a high risk for synthetic identity, the score and actionable reason codes are provided so the lender can take appropriate actions to validate the identity data.
The combination of stolen and real information can make synthetic identity fraud hard to spot.
Synthetic Identity Fraud causes more than $1 billion in losses each year for U.S. auto lenders. At some lenders, Synthetic Identity makes up as much as 20% of total fraud losses. Synthetic ID Alert can be quickly and easily installed within a lender’s existing technology infrastructure for real-time application review.
Synthetic ID Alert Helps Lenders Stop Synthetic Identity Fraud By Producing Alerts On Applications That Exhibit Patterns Consistent With Synthetic ID Fraud.
Synthetic ID Alert provides a cost- effective way for lenders to prevent fraud losses.
