PointPredictive launches income validation tool fueled by machine learning

Verifying income can be an expensive process for finance companies; one where the cost can become even steeper if the contract holder falls into delinquency and is eventually charged-off because the individual didn't have steady enough money to support monthly payments. PointPredictive is looking to help finance companies avoid both of those scenarios with its latest tool as the Emerging 8 firm recently announced the general availability of IncomePASS. The company explained the solution can offer a real-time assessment of an applicant's stated income to allow highly accurate clearing of validated incomes. PointPredictive believes its tool can enable finance companies using costly paycheck stub manual reviews across their portfolio to drastically reduce their expenses while improving the overall accuracy of their income validation efforts to stop defaults. "Traditional legacy tools are expensive and provide incomplete coverage," PointPredictive chief executive officer Tim Grace said in a news release.