Point Predictive Unveils IEValidate for Enhanced Verification
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Point Predictive Launches IEValidateâ„¢
Point Predictive, the leader in artificial intelligence 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.
Transforming the Verification Process
IEValidate offers lenders a frictionless and reliable method for verifying an applicant’s income, occupation, and employment through an API using minimal borrower information, such as the Social Security number. This tool provides a comprehensive validated income and employment report for each matched borrower in less than 500 milliseconds, serving as a substitute for traditional paystubs and relieving the reliance on expensive database checks.
This innovative solution, already adopted by leading lenders, addresses several critical challenges faced in verifying a borrower's income and employment. These include the low hit rates of existing verification methods, the high costs associated with database checks, and the considerable friction that borrowers encounter when asked for paystubs or bank statements.
Significant Cost Savings
In terms of financial efficiency, IEValidate stands out as a cost-effective alternative to expensive human resource database lookups. By utilizing IEValidate at the outset of the verification process, lenders can significantly cut verification costs by 60% to 90%. This reduction allows them to allocate resources more effectively while enhancing their operational margins.
Expanded Coverage and Improved Efficiency
With over 260 million historical income reports, IEValidate boasts an impressive capacity to provide validated income and employment information for up to 80% of submitted applications. This high hit rate empowers companies to broaden their coverage compared to conventional verification solutions, enabling a more streamlined approval process.
IEValidate's capacity to eliminate the need for paystubs and other labor-intensive documentation dramatically reduces friction in the loan application process. As a result, the tool can potentially increase loan conversion rates by 50% or more, creating smoother experiences for borrowers and improving customer satisfaction, ultimately benefiting the lenders' portfolios.
Unmatched Insights from Rich Data
IEValidate leverages Point Predictive's comprehensive risk data repository, which encompasses real incomes, employers, and occupations. With more than 260 million income reports, 22 million unique employers, and over 68 billion risk data points, this extensive database allows for unprecedented validation of a borrower's income, occupation, and employment history.
Broad Application Across Industries
This solution is designed to be applicable across various sectors that require accurate income and employment verification. These include credit card applications, rental applications, consumer lending, auto lending, mortgage lending, and new account origination. Such versatility makes IEValidate an essential tool in the current lending landscape.
About Point Predictive
Point Predictive is dedicated to enhancing lending confidence and efficiency through innovative applications of artificial intelligence and proprietary insights derived from data on over 250 million income records. Their advanced technology empowers lenders to swiftly differentiate between accurate and misleading loan applications, which facilitates a higher approval rate of loans without the cumbersome requirement for paystubs or utility bills. This innovation not only leads to faster loan approvals but also mitigates early payment defaults, ultimately enhancing profitability for lending institutions. Trust from leading financial entities demonstrates Point Predictive's transformative impact on the lending domain.
Contact Information
For inquiries, please reach out to:
Jacqueline Silva
Jacqueline.silva@pointpredictive.com
Frequently Asked Questions
What is IEValidate?
IEValidate is a new tool launched by Point Predictive that streamlines the verification of income and employment for borrowers.
How does IEValidate improve the verification process?
IEValidate reduces the reliance on traditional documentation like paystubs and cuts verification costs significantly while increasing hit rates.
Who can benefit from using IEValidate?
Lenders across various sectors such as consumer lending, mortgage lending, and rental applications can significantly improve their verification processes by using IEValidate.
What type of data does IEValidate utilize?
IEValidate leverages a comprehensive database that includes over 260 million income reports and more than 68 billion risk data points.
Why is reducing friction important in the loan application process?
Reducing friction enhances the borrower experience, leading to higher loan conversion rates and increased customer satisfaction.
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