The solution provides a suite of predictive scores that can assess the risk of First and Early Payment Default, Fraud Misrepresentation and Dealer Risk on each automotive loan application so lenders can stop fraud before underwriting and funding a loan that will likely lead to a loss.
PointPredictive research indicates that most of that fraud risk is hidden in losses categorized as First Payment Default or Early Payment Default, terms that lenders use to indicate loans where the borrowers fail to make the first payment or stop making payments within the first six months of the loan, respectively.
Auto Fraud Manager scoring models leverage a consortium approach to learn patterns of fraud and risk across the automotive industry. PointPredictive uses machine learning and pattern recognition algorithms appropriate for the financial services industry.
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