Manual income verification is time-consuming, costly, and error-prone. The lack of efficient and accurate verification methods can increase lending risk and limit the number of borrowers that lenders can service.
Automated income verification and the next paycheck prediction allow risk and collections teams to reduce their manual intervention and increase the efficiency of verification. Increase approvals and successful collections by scheduling repayments based on when a user is expected to receive their next paycheck deposit.
Pave’s lncome Verification Model returns historical income transactions across income streams and types to identify how much, how often, and from what sources a borrower is getting paid.
Pave’s Paycheck Deposit Prediction Model returns a user's predicted next paycheck amount and next date based on historical income transactions.