Point Predicitive, artificial intelligence and machine learning fraud solutions provider for the auto lending industry, integrated BorrowerChec into the RouteOne credit application center.
RouteOne is a comprehensive finance-and-insurance platform connecting dealerships and finance sources, offering a wide range of solutions for access to vehicle financing, including credit applications, e-contracting, menu options, online/digital retail services, compliance, and integration with over 200 dealer service providers. The BorrowerCheck solution leverages Point Predictive's proprietary risk database, which contains billions of data points the company says are unavailable on any other data source, including the credit bureaus. It says the solution detects more than 90% of the fraud 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. That not only helps mitigate 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 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 Point Predictive CEO Tim Grace. "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. RouteOne dealer customers can capture leads seamlessly, whether online, in-store or through integrated Dealership Service Providers. Additionally, the RouteOne platform offers access to a 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."
Dealers interested in BorrowerCheck should contact Steve Riddle at sriddle@pointpredictive.com.
