Solutions for Auto Lenders

"First party" synthetic fraud, in which the applicant uses their own true name and DOB but a different SSN and billing address, is common in the auto lending industry. By supplying their true name and DOB, applicants can show their true, government issued drivers license with the same information at the dealership and pass nearly any KYC check. However, by using a false SSN and address, they are able to get a new, separate credit report from the bureaus that is not connected to their real credit report. Consequently, deep subprime applicants can hide previous derogatory information during the underwriting process, allowing them to take out prime loans. And customers with no intention of repayment can drive off with vehicles, safe in the knowledge that any later repossession or chargeoff will not be reflected on their true credit report.

SentiLink can help identify these malicious applicants in real time to help your organization avoid the significantly elevated default rates associated with lending to them.