By leveraging the power of anonymized income from over 154 million households, you can better understand a customer’s true income – without going through the costly and timely process of obtaining tax returns, W-2s or access to bank account records.
Powerlytics has created an income verification product that assigns a confidence score to an individual’s stated income based on their 5 or 9 digit zip code. The confidence score provides a 1-10 score stating the likelihood that a consumer stated income is accurate, with 10 being the score for the highest likelihood of the income being fairly stated and a 1 being the lowest.
Powerlytics Income Verification product has been proven through blind tests with some of the largest banks in the United States. In these tests, Powerlytics has verified a customers stated income with 96% accuracy when compared to their bank verified income. This score can be returned in seconds through Powerlytics True Income API.
|96% of Bank Verified income Scored 6 or higher with Powerlytics Income Verification|
A score of 6 or higher provides high confidence that a customers stated income is accurate.
Powerlytics also has a product that estimates a consumer’s income. Powerlytics can estimate a variety of types of income, such as:
- Total household income
- W2 wages
- Wealth related income (interest, dividend, capital gains)
- Retirement related income (IRA distributions, Pensions & Annuities, Social Security Benefits
- Business related income
Powerlytics does not require any personally identifiable information for these products, they are based on an individual’s 5 or 9-digit zip code.
Powerlytics can provide these products in real time through their API or through their SaaS based platform.
Regulatory Feedback – Ability to Pay Concerns
Due to their inherent inaccuracy, regulators have requested financial institutions to stop using income verification and estimation models. In the past, these models gave a false sense of assurance that customers had the ability to pay back loans when they didn’t. This left financial institutions with either not verifying income or going through the more time consuming process of obtaining tax returns, W2 statements or access to bank deposit records.
As a result of True Income’s high level of accuracy, Powerlytics’ clients requested a regulatory review of the True Income Suit of products. Powerlytics has met with senior banking regulators and have received acceptance of Powerlytics True Income products in certain key cases as part of the banks underwriting process.
Key Permissible Uses
- Credit cards
- Credit line increases
- Auto loans
- Small consumer loans
- Fraud detection
- First level screening for mortgage loans and large consumer loans
Understand and verify a household’s income more accurately and quickly than has ever before been possible with Powerlytics True Income Product Suite.