Income Intelligence for Predictive Income Verifications

Using economic indicators, advanced machine learning, and our unique data from our Peer Lender Network to reduce your income verification costs and times.

Income Stability Indicators (ISI)

Determine the likelihood a borrower will maintain an income in the near and medium-term future

  • Takes into account industry and geo-economic disruptions likely to affect a borrower's employer, and therefore the borrower themselves

IMI: Income Misrep Index

Accurately predict income overstatement. Spring Lab’s Unique Data Assets + Reinforced Machine Learning = Unrivaled Accuracy & Coverage.

  • Increase conversion rate by 5% to 10% by reducing verification friction for the lowest risk borrowers
  • Waive income verification for up to 30% of lowest-risk applications, without impacting loan performance

Peer-Verified Income Verification: Reduce VOE/I Costs

Credit-seeking individuals often apply for multiple loans. Income verification becomes duplicative if a peer lender recently verified the borrower's income.

  • Anonymously attest and request information about the borrower, including verified income range and verification method

  • Reduce friction and avoid verification cost for recently-verified borrowers

Peer Lender Network: Secure data sharing to reduce income verification costs

Using Spring Labs' secure data network allowing institutions to exchange sensitive data through patented tokenization and matching technologies.

Spring Labs -> 

Access Previously Unavailable Data

Companies mutually benefit from sharing information without revealing any sensitive data

Privacy Protecting

Ensure customers and users retain control of their PII data

Network Effects

Match rate, data points, and verification methods continuously improve as the network grows

Products

Income Misrep Index (IMI)

IMI tracks the temporal behavior of income misrepresentation, helping you anticipate upticks.

  • The top 20% highest-risk applications ranked by IMI capture >40% of applications with overstated income

  • In contrast, the bottom 20% lowest-risk applications capture only 5%.

=> Focus on the applications that impact your bottom line

Trends to Determine Income Stability

Traditional income data is backward-looking and misses economic trends that are likely to affect the ability to repay a loan.

ISI has solved key challenges in aggregating previously-siloed employer/business, geographic, and industry data sources in order to forecast employer stability in real-time.

Risk Indices and Trends Catalog ->

Improve your lending

  • Increase conversion rates by 5-10% by reducing friction for low-risk applications
  • Reduce income verification costs with better targeting

  • Waive income verification for up to 30% of lowest risk applications without impacting loan performance