Foursight Capital Selects Point Predictive Suite of Products to Prevent Auto Loan Fraud and Build Trust Between Dealers and Lenders
SAN DIEGO – (COMMERCIAL THREAD) – Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, today announced that Foursight Capital has selected Point Predictive scoring solutions to help improve lending decisions before financing loans. Foursight Capital plans to use three Point Predictive scoring solutions: Auto Fraud Manager to assess claims for risk of prepayment default, fraud and misrepresentation; IncomePass to assess the validity of the reported income of borrowers, which improves the streamlining of applications; and DealerTrace to create a dealer-centric risk assessment based on application scores against traditional metrics that leverage outcome data such as default rates and often take months to reveal a high-risk dealer.
“We are very proud to partner with Foursight Capital,” said Tim Grace, CEO of Point Predictive. “Foursight joins the only consortium of auto lenders in the industry. Our consortium, with over 110 million complete historical application records, generates highly predictive scores, alerts and reports to increase loan confidence, ”he continued. Grace concluded, “We expect Foursight Capital to learn more about its dealer network, reduced funding time, fewer manual review cases and portfolio growth by reducing friction throughout the creation process. ”
By implementing Auto Fraud Manager, Foursight could mitigate up to several million dollars of net loss exposure per year, as well as dramatically increase acceptance rates by streamlining its processes.
“In a recent retrospective analysis, Point Predictive demonstrated an impressive ability to reduce exposure to losses,” said Andrew Thomas, chief credit officer of Foursight Capital. “With indirect lending through franchises and independent dealers being a vital part of our business, any solution that helps us better identify our high trust relationships enables us to provide better service to more borrowers than ever before. The data available to us through participation in the Consortium is critical to our strategy of growing a healthy auto loan portfolio.
Foursight Capital, a Salt Lake City-based lender, will use Point Predictive’s dealer risk scores to inform the third-party risk approval process associated with credit applications. Point Predictive’s patented Artificial + Natural Intelligence ™ technology provides the industry’s only link between hundreds of millions of dollars a year in prepayment defaults and resellers who are more vulnerable to fraud. Consortium members can better identify the source of certain risks to take strategic and tactical actions that strengthen relationships with low-risk dealers.
Jay Anderson, Principal Fraud Consultant at Point Predictive, highlighted Foursight’s strategy of comprehensively addressing a range of fraud and misrepresentation risks, including misrepresentation of income and third party risks, while ensuring that only the most appropriate stipulations are necessary to obtain financing. “Foursight Capital was very committed from the start of the collaboration. Lenders like Foursight make it easier to develop more predictive models, better leverage the Consortium’s data assets, and raise the tide for all boats in our great industry.
Auto lenders wishing to obtain more information on Auto Fraud Manager, IncomePass, DealerTrace or Consortium data are encouraged to contact [email protected]
About Point Predictive Inc.
Point Predictive delivers a new level of confidence and lending speed through the unique combination of artificial and natural intelligence using decades of risk management expertise. The company’s technology solutions quickly and accurately identify who honestly reports on their loan applications and who doesn’t. As a result, lenders are now able to easily fund loans without asking the vast majority of applicants for onerous documents such as paycheck stubs, utility bills or bank statements. This improves funding rates by 40-50% while reducing overall losses for prepayment default by more than 30%. Borrowers get loans faster, and we dramatically improve the lender’s profits. Located in San Diego, California, you can find more information about Point Predictive at www.pointpredictive.com.
About Foursight Capital
Founded in 2012, Foursight Capital is a specialty finance company located in Salt Lake City, Utah. Foursight focuses exclusively on the indirect financing of automotive customers through relationships with franchised and independent dealers. This unique focus enables Foursight to provide the best possible service to our dealer partners to ensure that the dealer and their customers are satisfied with the end product.