RouteOne Integrates with Point Predictive’s BorrowerCheck™, Giving Over 14,000 Dealerships Turnkey Access to Comprehensive Application Fraud Checks
Solution Provides Detection of Identity Theft, Synthetic Identity, Income, and Employment Fraud in a Single Report
SAN DIEGO, CA – June 21, 2023 – Point Predictive, the leader in artificial intelligence (AI) and machine learning (ML) fraud solutions for the auto lending industry, today announced the integration of BorrowerCheck™, into the RouteOne ® credit application center.
RouteOne is a comprehensive F&I platform connecting dealerships and finance sources, offering a wide range of solutions for access to vehicle financing, including credit applications, eContracting, menu options, online/digital retail services, compliance, and integration with over 200 DSPs. The BorrowerCheck solution leverages Point Predictive’s proprietary risk database, which contains billions of data points unavailable on any other data source including the credit bureaus. The solution detects more than 90% of the fraud that dealers are missing today and reduces false positives of legacy red flag alerting systems by up to 70%. Additionally, the solution provides a phone-based authentication option that allows dealerships to replace time-consuming and costly knowledge-based authentication surveys.
Integrating BorrowerCheck 3.0 into the RouteOne platform gives auto dealers a powerful tool for identifying borrowers with income, employment, and identity-related risks. This not only helps mitigates the risk of loan buybacks but also reduces the time and inconvenience during the purchase and finance process through reduced false positives and shorter handling times for fraud checks – thus providing a much better consumer experience.
“Fraud in the auto lending industry often goes undetected because traditional solutions have a narrow focus, primarily alerting on potential identity fraud,” said Tim Grace, CEO of Point Predictive. “BorrowerCheck 3.0 addresses a broader range of risks, including income, employment, and identity-related factors, providing auto dealers with a single, cost-effective solution. We are thrilled to integrate with like-minded entities, like RouteOne, who believe in arming dealers with the revolutionary AI tools they need to succeed today and into the future.”
The integration of BorrowerCheck into the RouteOne credit application center revolutionizes the loan origination process for auto dealerships. It streamlines workflows by leveraging RouteOne’s web-based and mobile-friendly platform, accessible anytime and anywhere. RouteOne dealer customers can capture leads seamlessly, whether online, in-store, or through integrated Dealership Service Providers (DSPs). Additionally, the RouteOne platform offers access to a vast network of approximately 1,500 integrated finance sources, including its owners, Ford Motor Credit, Toyota Financial Services, Ally Financial, and TD Auto Finance.
Alexander Mandeville, Director OEM Strategy and Key Accounts at RouteOne, adds, “We are excited to integrate with Point Predictive and bring dealers access to BorrowerCheck in the Route One credit application center. Our dealers count on us to deliver the most modernized and advanced technology and this integration brings dealers yet another solution to optimize their workflow and help avoid fraud.”
For dealers interested in BorrowerCheck:
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About Point Predictive
Headquartered in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, please visit www.pointpredictive.com.
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to improve the F&I process for automobile dealers and their customers. Connecting thousands of dealers and finance sources in North America for vehicle financing, RouteOne’s platform delivers a comprehensive suite of F&I solutions across multiple channels: in-store, online, mobile, and via third-party solutions. Its product line-up includes credit application, eContracting, menu, online/mobile retail services, and compliance. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 200 DSPs. More information is available at routeone.com.
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