Point Predictive, a leader in AI-driven consumer lending solutions, has unveiled its latest innovation: IEValidate. This cutting-edge tool transforms the income and employment verification process, offering a more efficient, cost-effective alternative to traditional methods like paystubs and database checks.
- Transformative Features of IEValidate:
- Zero Friction, Rapid Processing:
- Seamless Verification: IEValidate simplifies the verification process by requiring only the borrower’s Social Security number. It provides a comprehensive validated report on income and employment in less than 500 milliseconds.
- High Efficiency: The tool eliminates the need for paystubs and reduces reliance on costly database checks, enhancing the overall efficiency of the verification process.
- Cost-Effective Solution:
- Significant Savings: IEValidate offers a substantial cost reduction, with potential savings of 60% to 90% compared to traditional HR database lookups.
- Reduced Expenses: By integrating IEValidate at the top of the verification process, lenders can cut down verification costs significantly.
- Enhanced Coverage:
- Broad Reach: With access to over 260 million historical income reports, IEValidate provides validated income and employment information on up to 80% of submissions.
- Increased Accuracy: The high hit rates enable lenders to achieve better coverage and more reliable verification compared to existing solutions.
- Minimized Friction:
- Improved User Experience: By removing the need for paystubs, IEValidate decreases friction in the application process, leading to a 50% or more increase in loan conversion rates.
- Higher Satisfaction: The streamlined process enhances borrower satisfaction and improves portfolio profitability.
- Zero Friction, Rapid Processing:
Expert Insights:
- Tim Grace, CEO of Point Predictive:
- Innovative Approach: Tim Grace emphasizes the transformative nature of IEValidate, highlighting its ability to overcome the limitations of outdated verification methods.
- Enhanced Accuracy: He points out that IEValidate addresses common issues such as forgery, consumer resistance, and costly database checks, providing a frictionless, accurate, and cost-effective solution.
Comprehensive Data Insights:
- Unmatched Data Repository:
- Extensive Coverage: IEValidate leverages Point Predictive’s proprietary risk data repository, which includes over 260 million income reports, 22 million unique employers, and 68 billion risk data points.
- Broad Application: The tool is applicable across various sectors including credit cards, rental applications, consumer lending, auto lending, mortgage lending, and account origination.
IEValidate by Point Predictive represents a significant advancement in income and employment verification, offering lenders a high-speed, cost-effective, and frictionless solution. With its comprehensive data and innovative approach, IEValidate is set to revolutionize the verification process across multiple sectors.
