Informed.IQ has announced in a press release Dealer Verify, a new tool enabling auto dealers to clear stipulations in real time through digital document collection and instant, automated verifications. According to the company, with upfront, accurate income calculations and validation of consumer data at underwriting, loans are processed faster and more accurately, resulting in fewer contracts-in-transit, reduced fraud and improved experiences for consumers, dealers and lenders.
How Does it Work?
- Lenders embed a Dealer Verify link or iframe in their credit decision callback or dealer portal, leveraging existing communication channels.
- Dealers trigger an SMS to consumers for direct collection of documents and linked payroll/bank accounts, or upload documents they already have.
- Informed instantly analyzes the data and issues real-time classifications, extractions, comparisons, and verifications. Dealers can immediately view the verification status through an intuitive interface.
The director of innovation at a top five U.S. auto lender said about Dealer Verify, “We’re in a people business and are leveraging cutting-edge technology to focus on better experiences for our dealers, consumers and employees. We’re making it easier for our employees to give dealers the best service and results.”
Real-time verifications enable dealers to streamline and optimize performance. This strategy reinforces dealer relationships and empowers dealers, removing friction and speeding credit decisions, ensuring dealers get paid faster. Dealers can be confident in the decisions and ensure missing documents and image quality issues are addressed upfront while the consumer is still at the dealership. Informed’s AI and modeling perform complex calculations ensuring accuracy, identifying omissions and combating fraud. With Dealer Verify, dealers focus less on collecting and validating data and more on developing strong customer relationships.
“Informed ensures that lenders can enable car dealers to provide competitive-rate auto loans to all segments of the market,” said Justin Wickett, Informed.IQ CEO. ” Our tools provide an improved dealer and consumer experience while helping lenders board more loans faster, while reducing fraud and risk.”
To learn more, visit informed.iq.
