Sagent Lending Technologies has partnered with Experian to bolster its identity management capabilities and combat loan origination frauds.
Under the arrangement, Sagent will integrate Experian’s fraud and identity solution Precise ID with its Auto Loan Origination System (Auto LOS).
The integration will enable Sagent’s clients using Auto LOS System to strengthen and facilitate identity verification process.
The system will also help in streamlining loan processes and expediting loan application settlements.
Sagent Lending Technologies chief product officer Charles Sutherland said: “Sagent’s commitment to delivering agile, compliant, scalable, and configurable solutions to lenders has been further strengthened through the integration of Experian’s Precise ID.
“Our growing suite of alternative data integrations protects lenders from fraud while streamlining the entire loan or lease process for lenders, dealers, and borrowers.”
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Precise ID is a component of Experian’s CrossCore platform. It allows the lender to take a multi-layered approach to tackle fraud risks across the entire customer lifecycle.
During the processing of loan applications, the system assesses first- and third-party fraud information to detect any inconsistencies.
It also screens the applications against OFAC and other high-risk alerts, and help to comply with the USA PATRIOT Act and the FACTA Red Flags Rule.
Experian head of fraud and identity Kathleen Peters said: “With so many compromised identity records, we believe the best defence against fraudulent behaviour is a multi-layered approach that leverages advanced data and technology.
“Fraud is becoming more of a focal point within the automotive industry and with access to analytical capabilities, lenders will be better positioned to assess fraud risk quickly and accurately, make the right lending decisions, and create an improved experience for prospective borrowers.”