Leading auto lender leverages machine learning technology scoring from PointPredictive to better pinpoint risk and to improve the consumer experience at their car dealerships
PointPredictive Inc., the San Diego-based machine learning company, announced today that Byrider has selected the company’s risk scoring solutions to help them better segment high- and low-risk applications and dealers to improve profitability, expand loan availability and enhance the lending experience for both consumers and dealers.
As part of the integration, Byrider will use the company’s scoring solution – Auto Fraud Manager with Auto Fraud Alert Reporting – to identify misrepresentation and prevent default on high-risk applications while streamlining the approval process of low-risk applications to improve and expedite both the consumer and dealer loan funding experience, ultimately expanding their loan portfolio profitably.
Byrider selected PointPredictive’s machine learning AI scoring after extensive testing of the solution and evaluating retrospective results. “In our retrospective test with PointPredictive, we saw a significant lift in identifying defaults tied to misrepresentation and fraud,” said Gary Harmon, Chief Risk Officer of Byrider.
PointPredictive launched Auto Fraud Manager with Auto Fraud Alert Reporting to help address the $6 billion-dollar annual problem of misrepresentation and fraud that plagues the auto lending industry. The solution uses machine learning to mine historical data from applications across the industry to pinpoint where fraud is happening. Over 60 million applications have been evaluated and scored by the unique machine learning AI system which is continuously learning new patterns as they emerge.
“PointPredictive is excited to partner with Byrider to help them achieve better relationships with their borrowers and their dealer network,” advises Tim Grace, CEO of PointPredictive. “Our solutions have proven to help lenders reduce their risk of early defaulted loans and, in the process, help them streamline loans for reduced stipulations and friction in the lending process. By better targeting risk, the end beneficiaries are their dealers and borrowers who can see a reduction in the time it takes to fund loans.”
For more information about leveraging Auto Fraud Alert Reporting or participating in the PointPredictive Auto Lending Fraud Consortium, contact firstname.lastname@example.org.
About JD Byrider
Byrider is America’s largest buy here pay here dealership network and has sold more than 1.2 million cars at more than 150 locations across the country. Byrider continues to transform the automotive industry through its dedication to customer service and focus on car quality. Byrider’s success is driven by a commitment to be the consumer’s choice in helping people “Buy, Finance and Drive On,” even if they’ve been turned down for traditional bank financing.
About PointPredictive Inc.
PointPredictive Inc. enables lenders to fund more loans simply with a unique combination of Artificial Intelligence and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. PointPredictive helps automotive, mortgage, retail and personal loan finance companies identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. With the legacy of being the most trusted fraud and misrepresentation analytic solution providers, PointPredictive has transformed that trust to enable lenders to fund more loans to more consumers more easily. PointPredictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected third-party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about PointPredictive can be found at www.pointpredictive.com.
Gina Ray, APR
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