Point Predictive, the leader in artificial intelligence (“AI”) consumer lending solutions, 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“Paystubs are an outdated approach to verifying a borrower’s income because they put too much friction in the lending process, and forgeries are commonplace.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.
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