February 28, 2023
Foursight Capital Selects Point Predictive’s FCRA-Compliant Scoring Solution, AutoPass™, to Accelerate and Streamline Its Auto Loan Application Underwriting Process
SAN DIEGO, Calif. — Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions, today announced that Foursight Capital, a specialty automotive finance company, has implemented AutoPass™, the FCRA-compliant scoring solution that automates automotive loan decisions based on the likelihood of fraud or material misrepresentation, to improve risk differentiation and enhance customer experience.
Leveraging data derived from Point Predictive’s risk consortium, AutoPass uses historical fraud risk patterns to make accurate determinations of early payment default risks due to fraud or material misrepresentation. 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. “Having an FCRA solution like AutoPass enables us to make better risk decisions instantly to avoid defaults and charge offs on high risk applications and appropriately price and set loan terms on each application that comes through the door.”
AutoPass complements existing credit risk models and can be used prior to pulling a credit bureau report to reduce data cost. When used alongside credit scores, the solution can quickly identify low-risk applicants so lenders can offer favorable pricing and other credit-based incentives. In conjunction with existing credit risk models, AutoPass can be easily integrated to:
- Automate up to 70% of auto loan decisions without stipulations or manual review
- Reduce loan default by 40-60%
- Lower origination costs
- Improve portfolio profitability
“We are grateful for the opportunity to partner with lenders like Foursight who share our commitment to using novel data and technology solutions to continue to streamline the auto loan process – improving both their financial performance and the car buying process for consumers,” said Tim Grace, Chief Executive Officer at Point Predictive. “AutoPass is revolutionizing the automotive lending process by increasing automation, profitability, and efficiency. Results from our retrospective analysis show that Foursight can expect portfolio profitability to increase by more than 7% through the use of AutoPass.”
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