Online Lender Increases Efficiency and Qualifies More Good Loans with Whitepages Pro

Success Story

By implementing Whitepages Pro Reverse Phone API, a national online lender is eliminating time wasted on fraudulent loan applications while speeding good applications through to funding.

Identifying fraudulent loan applications is a top priority for online lenders. During the early days, many spend one of their most precious resources—time—on weeding out fraudulent loan applications. A company always looking for ways to increase efficiency and lower costs for their customers decided to use a better solution – that’s when Whitepages Pro came in.

Every loan application at a online lender goes through a human review process. While an agent may only spend five minutes with a good application, a “gray area” application that needs additional identity verification could shoot up to 30 minutes. That’s because the agent may then request additional documentation like driver’s license and pay stubs, verify bank account information with an ACH direct deposit, and even call the applicant’s bank. Weeding out fraudsters from the beginning saves valuable time.

To help cut down on the time spent qualifying applications that fell into the gray area, they implemented Whitepages Pro Reverse Phone API in the summer of 2017, a few months after its launch.

The company’s Senior Director of Fraud Analytics, explains the difference she’s seen:

In the beginning, all fraud review was relying on a single vendor that provided IP, device, and session intelligence, which meant we had a lot of applications in the gray area. After incorporating Whitepages Pro Reverse Phone API, we were able to push a high percentage of that gray area into our trusted segment where we don’t require additional ID check. We were also able to push a good percentage of fraudsters into the high risk automatically, rather than spending time verifying them.

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20-40% More Fraudsters Rejected

Using Whitepages Pro Reverse Phone API on top of IP and session information led to a 20-40% improvement in detecting fraudulent loan applications automatically.

More Good Customers Sent Through

Since implementing Whitepages Pro, this online lending company has streamlined their processes which allowed them to expedite good customers through a quicker and more cost-efficient underwriting path.

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Less Time Spent on Manual Review

Instead of spending up to 30 minutes requesting documentation and calling banks in order to weed out fraudulent applications, the company now catches more of them at the top of the workflow.

We are very happy with Whitepages Pro Reverse Phone API product. The Pro Web access comes in handy for case review and fraud investigation. We are planning to increase number of seats for our Operation team in 2018, and we are also interested in testing Whitepages Pro Identity Confidence Score.

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