Autopass

Heartland Credit Union Partners with Point Predictive to Enhance Automation and Combat Rising Fraud in Auto Lending

Retrieved on: 
Monday, March 4, 2024
SAN, Intelligence, Fraud, Risk, Autopass, Identity theft, Automation, Credit union, Partnership, Bank

With a significant focus on indirect auto lending, Heartland Credit Union sought a sophisticated solution to address the growing challenges of identity and income fraud while enhancing automation in its lending process.

Key Points: 
  • With a significant focus on indirect auto lending, Heartland Credit Union sought a sophisticated solution to address the growing challenges of identity and income fraud while enhancing automation in its lending process.
  • Heartland Credit Union recognized the need for a modern and robust solution to tackle the evolving landscape of fraud in the lending industry.
  • Point Predictive's Credit Union Auto Lending Fraud Trends Report 2023 highlighted a pivotal shift: credit unions led auto loan originations in Q4 2022, outpacing banks and captive lenders.
  • Heartland Credit Union's partnership with Point Predictive underscores its dedication to staying ahead of evolving fraud threats while optimizing its lending operations.

Point Predictive's AutoPass™ Solution Improves the Lending Experience for Thin-File Customers in New Partnership with Tricolor

Retrieved on: 
Wednesday, April 5, 2023
FCRA, Artificial intelligence, Autopass, Point, SAN, Credit, Bank, Tricolour

Using insights derived from the Point Predictive data repository, AutoPass considers historical fraud risk patterns to accurately predict early payment default and automate lending decisions for a faster, streamlined experience.

Key Points: 
  • Using insights derived from the Point Predictive data repository, AutoPass considers historical fraud risk patterns to accurately predict early payment default and automate lending decisions for a faster, streamlined experience.
  • "We serve a unique population of borrowers who lack traditional credit histories," said Daniel Chu, Founder, CEO, and Chairman of Tricolor.
  • "A lack of robust credit bureau data on our customers can often present challenges that traditional credit risk models aren't equipped to navigate.
  • "AutoPass is revolutionizing the lending process by providing alternative data sources for customers with non-traditional credit histories to secure equitable and affordable auto loans."

Foursight Capital Selects Point Predictive's FCRA-Compliant Scoring Solution, AutoPass™, to Accelerate and Streamline Its Auto Loan Application Underwriting Process

Retrieved on: 
Tuesday, February 28, 2023
Automation, Autopass, SAN, Foursight theatre, Point, FCRA, Artificial intelligence, Fraud, Bank

This data enables AutoPass users to automate approval and decline decisions in a streamlined process that provides faster funding for borrowers.

Key Points: 
  • 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.
  • AutoPass complements existing credit risk models and can be used prior to pulling a credit bureau report to reduce data cost.
  • Results from our retrospective analysis show that Foursight can expect portfolio profitability to increase by more than 7% through the use of AutoPass."

Point Predictive Launches AutoPass™, an FCRA Compliant Scoring Solution Empowering Auto Lenders to Decision and Price Loan Applications Based on Risk of Fraud and Early Payment Default

Retrieved on: 
Tuesday, August 2, 2022
Artificiality, Intelligence, Point, CEO, Autopass, Solution, Natural Intelligence, Risk, Risk management, Multimedia, Fraud, Automation, Machine learning, Technology, Entrepreneurship, Bank

SAN DIEGO, Aug. 2, 2022 /PRNewswire/ -- Point Predictive, the San Diego-based company that provides artificial intelligence solutions to lenders, 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.

Key Points: 
  • Streamlining low-risk applications provides for faster funding, reduced origination cost, and an improved experience for both borrowers and dealers.
  • "AutoPass is a huge step forward in increasing automation, improving loan pull-through and cost-effectively rooting out fraud and misrepresentation.
  • AutoPass leverages the depth and breadth of the Point Predictive data consortium and is purpose-built for risk management and loan application decision automation.
  • It includes more than 12 billion risk attributes and data from applications associated with more than $4.5 billion in confirmed early payment default.