Income and Employment Solutions
If you’re using paystubs to verify borrower income, there’s a better way. Point Predictive provides assessment solutions for both income and employment.
IEValidate provides a frictionless and reliable way to validate a consumer’s income, occupation and employment. It is more comprehensive and more reliable than paystubs or costly employer-based solution checks helping you improve automation and safely waive inconvenient proof of income and employment documentation from consumers.
Using insights from more than 260 million historically reported incomes to validate income and employment, IEValidate provides companies with truthful and reliable income without consumer friction and with minimal expense.
IncomePass analyzes stated income against millions of historically reported salaries across all occupations and cities, IRS Income Data, Census Data and many other sources to validate an applicant’s income for reasonableness.
IncomePass helps reduce losses due to income misrepresentation by detecting 60% – 80% of inflated incomes. It also eliminates the high cost of income validation for the vast majority of applications.
Using both IEValidate and IncomePass in your validation waterfall allows you to assess all applications in a single API call. When no historical income is matched with IEValidate, lenders can automatically receive a predictive IncomePass report, enabling 100% coverage.
Point Predictive’s proprietary risk data repository contains more than 21 million unique employer profiles, including an extensive employer negative file identifying more than 11,000 fake employers detected to date. We use the term “fake employer” as a convenient, catch-all term to describe employer names and details that have been knowingly misrepresented or inaccurately provided for the purposes of submitting a fraudulent loan application. Our research has discovered a correlation between fake employers, income misrepresentation, synthetic identities, and various other forms of fraud.
On average, we will find a match to the stated employer about 90% of the time.
Traditional data sources used for verifying sources of income fail to detect more fraud and misrepresentation on loan applications because they only cover large corporates or small sets of confirmed historical fraud.
Point Predictive’s proprietary data repository contains more than 300 million proprietary data points from employers with 1 to more than 1 million employees, providing unique income and employment validation insights. Every prediction of source of income is as accurate as possible.
Almost anyone can create a completely fictitious business that appears genuine to loan reviewers. Point Predictive’s Employment Assessment gives you a reliable signal for when to ask your applicant for more information on their sources of income.
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