Bank Account Verify Advantage

More predictive. Better performance. Lower costs.

WHAT IT IS:

Bank Account Verify (BAV) Advantage is a new and innovative report that helps lenders reduce underwriting risk by leveraging a consumer’s reported banking and loan history together to more precisely identify qualified borrowers and better predict loan payment default and was developed through current customers interviews and competitor products.

WHAT IT DOES:

BAV Advantage leverages two of MicroBilt’s most powerful and proprietary databases containing over 150 million consumer records and more than 1.5 billion ACH and check transactions to deliver the industry’s most robust and predictive bank underwriting tool linking consumers bank account and loan history. Unlike a typical credit report, BAV Advantage uses the consumer’s submitted bank routing and account number to deliver a cross-institutional view of banking behavior combined with past loan performance linked to the bank account to improve credit risk decisioning. It provides a 36 month summary of both MICR and Loan transactions, returns and defaulted loans.

Other valuable information reported includes:

  • Current status of the bank routing and account number submitted on the application
  • First and last seen dates of the account
  • Confirmation of the ability to received ACH transactions
  • Assesses other bank accounts associated with the applicant
  • Detection of high-risk factors associated with the financial institution (account reported as closed, history of “account not found”)
  • Analytics and trending on bank account and loan performance attributes
  • Verification indicators on the Name, SSN, Driver’s License, and Phone Number provided in the application, matched to the bank account
  • A new, highly predictive BAV Advantage Score for underwriting purposes

WHAT'S NEW:

Confirms if the format of the submitted Driver's License number matches the issuing state requirements.
Provides the bank name of the submitted routing number.
Details known account history, loan performance, associated driver's licenses and telephone numbers:

  • First and last date the account has been seen by MicroBilt.
  • Provides a flag to indicate if the name submitted matches the known name on the account.
  • Date of the last returned debit/check on the account.
  • Number of known loans and their status.
  • Additional Driver's License numbers, telephone numbers, social security numbers and names associated with the account.


WHAT IT IS USED FOR:

Lenders in the alternative financial market find BAV Advantage to be a highly valuable tool in reducing the risk of loan payment defaults related to:

  • Short term installment lending
  • Buy-here-pay here auto financing
  • Check cashing
  • Title lending
  • Retail financing

Use BAV Advantage as a standalone product or combine it with identity verification, antimoney laundering tools and/or iPredict to deliver a full 360-degree view of the consumer’s loan and the bank performance history to increase predictability and increase your profits.

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