Point Predictive AutoPass
Point Predictive AutoPass: Point Predictive describes AutoPass as a product for auto lenders that identifies applicants at high risk of early payment default because of fraud or misrepresentation. It also flags low-risk borrowers for streamlined processing.
Point Predictive AutoPass: AutoPass
The company presents it as broad fraud monitoring.
The system combines artificial intelligence with Point Predictive's proprietary data repository to analyze loan applications. It produces risk scores and alerts.
For approved applications, a lender can drop documentation such as pay stubs or bank statements. For high-risk applications, it gives detailed risk information.
AutoPass comes in two versions, according to the company. One is designed under the Fair Credit Reporting Act and allows a lender to decline an application.
The other is designed under the Gramm-Leach-Bliley framework. The page lists several finance companies among its clients.
The company states benefits such as fewer stipulations for low-risk applicants, faster approvals and fewer early defaults. Those are claims for lenders.
A dealer meets AutoPass when a lender uses it on a deal the store submitted.
A finance manager would ask each lender what verification it uses. It would ask what an applicant is told when a score affects a decision and how a dealer resolves a dispute.
Consumer reporting rules govern how the data may be used. The category guide for finance and credit tools lists a neutral checklist.
The IncomePass entry covers Point Predictive's income product.
AutoPass is Point Predictive's tool for lenders. The company says it scores every application and returns more than 150 data risk attributes and alerts.
It says lenders can automate much of the decision with it.
Point Predictive also announced that it found a billion dollars of loan application fraud tied to fake employers. Its Ken Garff release describes 70 dealerships adopting BorrowerCheck.
A lender would ask how AutoPass and BorrowerCheck differ.
| Product or service | Function |
|---|---|
| AutoPass | Identifies low-risk applicants to streamline processing and applications with a high risk of default. |