Foursight Capital Selects Point Predictive’s FCRA-Compliant Scoring Solution, AutoPass™, to Accelerate and Streamline Its Auto Loan Application Underwriting Process
SAN DIEGO – February 28, 2022 – Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions, today announced that Foursight Capital, a specialty automotive finance company, has implemented AutoPass™, the FCRA-compliant scoring solution that automates automotive loan decisions based on the likelihood of fraud or material misrepresentation, to improve risk differentiation and enhance customer experience.
Leveraging data derived from Point Predictive’s risk consortium, AutoPass uses historical fraud risk patterns to make accurate determinations of early payment default risks due to fraud or material misrepresentation. This data enables AutoPass users to automate approval and decline decisions in a streamlined process that provides faster funding for borrowers.
“Automation and improving efficiency in our lending decisions is key to our success as a company,” said Andrew Thomas, Chief Risk Officer at Foursight. “Having an FCRA solution like AutoPass enables us to make better risk decisions instantly to avoid defaults and charge offs on high risk applications and appropriately price and set loan terms on each application that comes through the door.”
AutoPass complements existing credit risk models and can be used prior to pulling a credit bureau report to reduce data cost. When used alongside credit scores, the solution can quickly identify low-risk applicants so lenders can offer favorable pricing and other credit-based incentives. In conjunction with existing credit risk models, AutoPass can be easily integrated to:
- Automate up to 70% of auto loan decisions without stipulations or manual review
- Reduce loan default by 40-60%
- Lower origination costs
- Improve portfolio profitability
“We are grateful for the opportunity to partner with lenders like Foursight who share our commitment to using novel data and technology solutions to continue to streamline the auto loan process – improving both their financial performance and the car buying process for consumers,” said Tim Grace, Chief Executive Officer at Point Predictive. “AutoPass is revolutionizing the automotive lending process by increasing automation, profitability, and efficiency. Results from our retrospective analysis show that Foursight can expect portfolio profitability to increase by more than 7% through the use of AutoPass.”
About Point Predictive Inc.
Point Predictive powers a new level of lending confidence and speed through the unique combination of artificial intelligence, a powerful data consortium, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify who is reporting truthfully on their loan applications and who is not. As a result, lenders are now able to fund loans easily without asking the vast majority of applicants for onerous documentation such as paycheck stubs, utility bills, or bank statements. This improves funding rates by 40-50% while reducing overall early payment default losses by more than 30%. Borrowers get loans faster and we significantly boost profits to a lender’s bottom line. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.