Verify Consumer Data in Real Time
Auto finance lenders are tasked with verifying applicant name, address, email and phone data as part of their loan origination process. With 1 in every 4 U.S. households being wireless only, auto lenders are increasingly challenged to verify hard-to-find consumer information which often leads to costly manual reviews and stipulations, or “stips.” These stips frequently require the applicant to leave the dealership which can result in the sale being lost.
Neustar On-Demand Verification® for Auto Financing instantly verifies applicant contact information via real-time access to the most complete, accurate and up to date data available at the point of entry to a loan origination system — in the dealership and online. The solution helps lenders lower application costs, reduce stips and speed up manual reviews so they can respond to dealers faster with more approvals while building dealer and consumer loyalty.
Automate the Origination Process
On-Demand Verification leverages the full power of Neustar's real-time engineering platform — IANSM (Identifiers, Attributes and Network) — to more accurately verify loan applicant contact information at the dealership or online. The platform accesses Neustar's authoritative data repository which delivers the most comprehensive and up-to-date name, address, email and phone information — including wireless, VoIP and nonpublic numbers.
Neustar provides the freshest and most accurate data — updated every fifteen minutes — from over 250 data sources including nationwide telecommunication service providers. With access to our authoritative data repository, auto lenders can support servicing and collection efforts by appending alternate publicly available phone numbers and addresses linked to each applicant.
On-Demand Verification empowers auto lenders to seamlessly and quickly integrate the solution according to their specific business rules. By taking advantage of Neustar's ability to link an applicant's name, address, phone and email, you can instantly verify applicant contact information through more efficient and streamlined processes, predict loan performance, increase contactability confidence and minimize fraud.
On-Demand Verification for Auto Financing Enables Lenders To:
- Automate the Origination Process:
Verify consumer name, address, email and phone data — including wireless, VoIP and nonpublic phone numbers — all in real time with the most complete, accurate and up to date data available.
- Improve Servicing and Collections:
Append additional consumer information to increase contactability confidence and maintain data quality.
- Lower Operational Expenses:
Gain access to the freshest consumer data reducing underwriting costs, manual reviews, stips and outbound phone verifications.
- Supplement Red Flags Rule Initiatives:
Leverage over 250 data sources and carrier level subscriber data to verify contact information in real time.