Point Predictive, the San Diego-based company providing artificial intelligence (AI) risk solutions to lenders and credit providers, announced its partnership with SoFi. SoFi, a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions, has implemented Point Predictive’s IncomePass solution, which validates borrower income in real time against millions of reported and validated incomes to determine the probability of income misrepresentation or fraud.
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With accuracy rates of over 90% for income ranges, IncomePass uses a combination of artificial intelligence (AI) and reported and validated income data, such as an applicant’s income, employer, employment duration, occupation, job title, and others information from over 125 million previous applications to predict and validate a loan applicant’s income. By removing friction from the application process, IncomePass reduces applicant abandonment rates, eliminates the need for proof of income, such as paycheck stubs and bank documents, and determines the likelihood of early payment default.
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IncomePass detects over 80% of fabricated incomes, empowering lenders to reduce errors associated with manual reviews, eliminate reliance on forged and fabricated pay stubs and retire outdated and expensive legacy tools traditionally used to verify income.
“We are grateful to partner with organizations like SoFi who share our commitment to elevating the borrower experience,” said Tim Grace, Chief Executive Officer at Point Predictive. “IncomePass enables lenders to accurately validate income on all of their borrowers in real-time cost-effectively. Before leveraging Point Predictive’s proprietary data repository, lenders were forced to pay cost prohibitive rates to verify income on only a small segment of their overall portfolios or manually review such large volumes of paycheck stubs that even the 1 in 8 fabricated ones were often missed. IncomePass is a game-changing contributor to the automation efforts lenders are moving towards today.”
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