San Francisco, CA; July 20, 2023 – Informed.IQ, a leading provider of AI software that verifies, streamlines and optimizes loan processing, announced today the launch of an industry-changing product, Skip the Stip™, a non-documentary validation tool for full spectrum and sub-prime auto lenders.
Skip the Stip is an AI-powered solution that harnesses the power of data analytics. By integrating Informed’s comprehensive database with advanced machine learning algorithms, we accurately assess risk, streamline loan approval processes, and improve decision-making.
This innovative solution will transform the lending landscape by empowering auto lenders to expand their borrower base, fostering financial inclusion. Skip the Stip enables lenders to grant loans to individuals who may lack sufficient documentation needed to verify their income or other financial information. In addition, Skip the Stip mitigates risk, enabling lenders to make credit decisions faster and more accurately without bias.
Non-documentary validation revolutionizes lending by providing the ability to lend to a wider range of borrowers without compromising reliability or increasing risk. Integrating automated document verification strengthens the validation process, offering additional attributes to avoid fraud, and reduces the risk of default. Sub-prime lenders can reach new levels of profitability and drive growth while maintaining the integrity of their operations.
This launch highlights the benefits of Informed’s network. Our AI system is the culmination of years of meticulous effort and collaboration with key industry players, financial institutions, and regulatory bodies. Through strategic partnerships, we have amassed an expansive collection of auto loan data, ensuring its reliability. The robust database holds a treasure trove of knowledge, empowering our AI algorithms to identify patterns, detect trends, and make highly accurate predictions.
The Director of Strategic Initiatives at a top 5 indirect auto lender said, “Leveraging automated document verification ensures reliability and mitigates fraud. Eliminating income verification also enhances the dealer and customer experience and streamlines our processes. We’re reducing time, stress, and paperwork and giving borrowers increased control over their privacy. This product will help reshape the lending landscape.”
By incorporating data from 40% of the country’s auto loans, Informed’s platform provides an unprecedented level of insight into borrower behavior, creditworthiness, and market dynamics. Lenders can leverage this vast information pool to enhance their risk and fraud assessment models, optimize loan terms, and make well-informed decisions. Borrowers benefit from a streamlined application process, reduced paperwork, and increased access to tailored loan offers.
“This product represents a significant milestone in the evolution of full spectrum and sub-prime lending,” said Justin Wickett, CEO of Informed.IQ. “We are thrilled to provide lenders with a powerful tool that expands their lending capabilities and promotes financial inclusion by reaching individuals who have previously been excluded due to lack of documentation. This underscores our commitment to driving growth and empowering lenders to make a meaningful impact on borrowers’ lives.”
Skip the Stip transcends traditional image recognition (OCR) and document verification. It goes far beyond OCR by comparing buyer data against a database of 40 million records to verify income without requiring documentation. The comprehensive analysis includes a range of data points, identifies fraudulent paystub templates, interprets 401K withholdings and earned overtime, all in seconds. Informed’s advanced technology enables real-time loan processing capabilities and ensures lenders’ compliance with regulatory requirements, positioning them to be audit-ready.
Informed uses AI and ML to instantly verify income, assets, residence, insurance, auto stipulations, credit requirements and more, enabling real-time, reliable and unbiased credit decisions. Informed’s large language models are trained to process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance and verifications for lenders.