WHAT IT IS:
Bank Account Verify (BAV) Advantage is a new and innovative report that helps lenders reduce underwriting risk and predict loan defaults by evaluating a consumer’s reported banking and loan history.
BAV Advantage utilizes two of MicroBilt’s most powerful proprietary databases consisting of over 150 million consumer records and 1.5 billion ACH and
WHAT IT DOES:
BAV Advantage issues a highly-predictive score based on the same 350-800 scale used in traditional credit scoring. Unlike a traditional credit report, BAV Advantage uses the consumer’s submitted bank routing and account number to deliver a cross-institutional view of banking behavior and past loan performance.
The BAV Advantage report also returns:
- A 36 month summary of MICR and Loan transactions, returns and defaults
- Current status of the submitted bank routing and account numbers
- First and last seen dates of the account
- Confirmation of the ability to receive ACH transactions
- Assessments of other bank accounts associated with the applicant
- Flags of high-risk factors related to the financial institutions (account closed, "account not found," etc.)
- Analytics and trending on
bank account and loan performance attributes - Verification indicators for Name, SSN, Driver’s License, and Phone Number matched between the application and bank account
WHAT'S NEW:
In addition to the new Bank Account Verify Advantage score, this latest update to our popular Bank Account Verify offering has these new features:
Confirmation that:
- The submitted name matches the name on the bank account
- The bank name matches the name associated with the routing number
- The consumer's driver's license number matches the issuing state's formatting
Additional data including:
- Number of known loans and their status
- First and
last date MicroBilt saw the account - Dates of the last returned debit/check on the account
- Any additional Driver's License, telephone or social security numbers
- Any other 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
BAV Advantage is compelling as a standalone product, but when combined with identity verification, anti-money laundering tools and/or iPredict to deliver a full 360-degree view of the consumer’s loan and the bank performance history.
Customized Solution
Have one of our business service consultants contact you.