Point Predictive Launches FCRA-Compliant Scoring Solution for Auto Lenders

Cars on road

SAN DIEGO – August 2nd, 2022 – Point Predictive, the San Diego-based company that provides artificial intelligence solutions, today launched its newest product, AutoPass™, which allows auto lenders to make approve or decline decisions on a loan application based solely on the likelihood of fraud or material misrepresentation that would lead to default. AutoPass customers can expect to automate 30% to 70% of application decisions while reducing defaults due to fraud by 40% to 60%. Streamlining low-risk applications provides for faster funding, reduced origination cost, and an improved experience for both borrowers and dealers.

“Having the ability to auto-decision both low-risk and high-risk auto loan applications helps our customers reduce the cost of loan origination as well as decrease losses due to fraud, which leads directly to increased profits,” said Tim Grace, Co-Founder and CEO of Point Predictive. “AutoPass is a huge step forward in increasing automation, improving loan pull-through and cost-effectively rooting out fraud and misrepresentation. It enables auto lenders to leverage technology and AI to make better, streamlined decisions and reduce costs to fund a more profitable portfolio of loans.”

AutoPass leverages the depth and breadth of the Point Predictive data consortium and is purpose-built for risk management and loan application decision automation. The data consortium is built using information from more than 120 million auto lending applications and provides unparalleled insight into the hidden risk of fraud and default. It includes more than 12 billion risk attributes and data from applications associated with more than $4.5 billion in confirmed early payment default. This data enables the evaluation of historical fraud risk patterns more deeply and broadly than any competitive solution from a credit bureau or public records source.

AutoPass accurately identifies low-risk applicants for streamlined processing, favorable pricing, and other credit terms or credit-based incentives (such as a reduction in down payment requirements). It can also be used in conjunction with credit scores to refine credit strategies.

Point Predictive invites any lenders who wish to explore AutoPass to contact info@pointpredictive.com.

About Point Predictive Inc.

Point Predictive enables lenders to fund more loans simply with a unique combination of Artificial and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. Point Predictive helps automotive, mortgage, retail and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.