When evaluating a loan application, the most important thing a lender must do is verify the applicant’s income. By integrating Plaid’s bank transaction report into a credit model, lenders can verify employment status and income without a manual review step. The result is a frictionless consumer experience and improved conversion rates.
The ease with which Modelshop can integrate third party data and identify patterns such as income deposits helps lenders deliver an interactive origination experience and book better loans. Watch Modelshop in action as we step through the process of integrating Plaid and automating income verification using analytics.