Point Predictive Launches IEValidate™, Setting a New Standard for Income and Employment Validation
August 27 2024 - 9:50AM
Point Predictive, the leader in artificial intelligence (“AI”)
consumer lending solutions, today announced the launch of
IEValidate. This groundbreaking tool enables
companies to reduce the use of paystubs and costly database checks
with a more accurate and cost-effective approach.
Zero Friction, Double the Coverage, A Fraction of The
Price
IEValidate offers lenders a frictionless and reliable way to
validate an applicant’s income, occupation, and employment through
an API using as little as one field of information about the
borrower – the Social Security number.
IEValidate provides a comprehensive validated income and employment
report for each matched borrower in less than 500 milliseconds.
Lenders can use this report instead of paystubs and as an
alternative to costly database checks.
This innovative solution, already used by top lenders, solves
most of the critical pain points lenders grapple with when
verifying a borrower’s income and employment: the low hit rates of
existing methods, the high cost of database checks, and the
enormous friction placed on borrowers by requests for paystubs or
bank statements.
- A Fraction of The Price: IEValidate is a
cost-effective alternative to expensive HR database lookups. By
utilizing IEValidate at the top of the verification cascade,
lenders can reduce their verification expenses by 60% to 90%.
- Double The Coverage – With over 260 million
historical income reports, IEValidate has proven to provide
validated income and employment on up to 80% of lenders’
submissions. These high hit rates allow companies to double their
coverage over existing verification solutions.
- Zero Friction: IEValidate enables lenders to
eliminate the need for paystubs in many cases, dramatically
reducing friction in the loan application process and increasing
loan conversion rates by 50% or more. Lenders can create a smoother
experience for borrowers, resulting in higher customer satisfaction
and improved portfolio profitability.
“IEValidate represents a transformation in the way companies
will verify income and employment for borrowers,” says Tim Grace,
CEO of Point Predictive.
“Paystubs are an outdated approach to verifying a borrower’s
income because they put too much friction in the lending process,
and forgeries are commonplace. Bank statement requests are met with
significant consumer resistance and even then can only be used to
estimate income using standard, error-prone formulas. Existing
employer-contributed database checks, while frictionless, have
fraudulent employers contributing data, are often out of date, and
are expensive to use in an automated way on all applications. With
our solution, companies can eliminate or replace those methods with
a simple, frictionless, validated income and employment report for
up to 80% of their borrowers -- provided in less than a second and
at a fraction of the cost of their current solutions.”
Unparalleled Insights from The Industry’s Most
Comprehensive Data
IEValidate leverages Point Predictive's proprietary risk data
repository, which includes real incomes, employers, and
occupations, covering more than 260 million income reports, 22
million unique employers, and more than 68 billion risk data
points. This unique data enables IEValidate to provide unparalleled
validation of a borrower's current and historical income,
occupation, and employment.
The solution is designed to work across any sector that requires
income and employment verification, including credit cards, rental
applications, consumer lending, auto lending, mortgage lending, and
account origination.
For more information about IEValidate, visit
http://www.pointpredictive.com/ievalidate.
About Point PredictivePoint Predictive,
headquartered in San Diego, California, drives a new level of
lending confidence and speed in lending through its innovative use
of artificial intelligence, proprietary insights from over 250
million income reports, and decades of risk management expertise.
The Company’s advanced solutions allow lenders to quickly and
accurately differentiate between truthful and untruthful loan
applications, enabling the approval of more loans without the need
for burdensome documentation like paystubs or utility bills. This
results in faster loan approvals, reduced early payment default
losses, and improved profitability for lenders. Trusted by leading
financial institutions, Point Predictive is transforming the
lending landscape. For more information, visit
www.pointpredictive.com.
Point Predictive Media Contact:
Jacqueline.silva@pointpredictive.com