This week, Point Predictive launched the company’s first solution designed specifically for dealerships.

The company that provides artificial intelligence solutions to spot fraud and other issues that might derail auto financing highlighted that BorrowerCheck can enable dealers to recognize consumers with income, employment, and identity-related risks that may result in a demand to buy back the contract from the finance company or add friction to future applications.

Point Predictive said through a news release that the solution offers a more accurate and comprehensive view of borrower risk than the red-flag solutions that dealers use today.

BorrowerCheck is the first in a planned suite of products for dealers that will leverage the Point Predictive auto financing consortium, which contains data on more than 120 million historical auto finance applications, 12 billion application risk attributes and more than 56 million unique consumers.

Point Predictive said BorrowerCheck customers can expect to provide higher quality applicants to auto finance companies, reduce the scrutiny on consumers at the dealership and enhance the speed and experience of the consumer.

And Point Predictive added that BorrowerCheck also can help raise a dealer’s score DealerCheck, which is a Point Predictive solution that auto finance companies use to evaluate and manage their dealership relationships.

“Our customers’ experience is vitally important to us,” Mossy Automotive Group vice president of corporate finance Ryan Morris said in the news release. “We believe limiting fraud risk exposure and protecting our dealership reputation while prioritizing our customers’ experience is the key to our continued success. Lowering our risk of buy-back demands will also increase our bottom line.”

In most cases, the solution can help speed up the financing process by focusing a dealer’s validation effort on real risk, instead of false red flags.

Using a simple set of data such as the consumer’s name, address, and Social Security Number, BorrowerCheck can generate a report that details whether dealers need to gather more information on a prospective borrower’s income, employment, or identity prior to submitting the application to finance companies.

If additional scrutiny is warranted, the report can provide recommended tips for performing additional verification.

“Dealers play a vital role on the front line, helping to validate for lenders whether a prospective borrower is being truthful on their applications for financing. As fraud continues to be a growing concern, a tool like BorrowerCheck will help auto dealers quickly and easily minimize fraud risk for themselves and lenders alike,” Point Predictive chief executive officer Tim Grace said.

“Lender relationships are crucial to dealers and having a tool to help improve the quality of the loans submitted to lenders improves those relationships and reduces the risk of expensive buy-back demands and friction for the dealerships and consumers,” Grace continued.

BorrowerCheck leverages data from one of the largest automobile finance company data consortiums in the United States, purpose-built for risk management with more than 101 million historical income reports, 17 million employer records with 6,500 fake employers, more than 200,000 social security numbers tied to default, 102 million Social Security Numbers of deceased individuals, more than $4.5 billion in loans with early payment defaults, $1 billion in contract identified as fraudulent and millions of addresses and telephone numbers linked to risk of fraud or default.

Point Predictive invites managers who wish to learn more about BorrowerCheck for Dealers to visit https://pointpredictive.com/ or contact info@pointpredictive.com.