Skypatrol’s DVT allows lenders to quickly and inexpensively access critical information to help verify prospective and existing borrower information. For subprime lenders this tool can be more helpful than a traditional credit check
Skypatrol, a global leader in GPS integrated tracking solutions, announces the introduction of their game-changing DVT (Data Verification Tool) for its Defender 2.0 users. DVT utilizes the latest technology in advanced data base lookup techniques to quickly gather and sort critical information about a prospective borrower or an existing customer.
DVT reports, designed to help Defender 2.0 users improve their lending decisions, can be used in conjunction with credit reports. In fact these DVT reports provide enough valuable data to stand on their own. This powerful tool is integrated into Skypatrol’s award winning GPS vehicle finance platform – Defender 2.0 – giving users immediate access.
“We worked closely with our customers to design these DVT reports and capabilities. We invested many hours to understand the needs and requirements of the independent auto dealers and vehicle lenders. Then, with the help of the best data compilers in the world, our development team built this comprehensive and reliable data verification tool. This means that our Defender 2.0 users will have a way to quickly and inexpensively verify key information and put together a comprehensive risk assessment of prospective or existing borrowers,” said Robert Rubin, Skypatrol CEO.
Skypatrol’s DVT, with three levels of reports, Basic, Comprehensive, and Expanded Verification, is more helpful than a traditional credit report when it comes to evaluating a subprime borrowers likelihood to repay a vehicle loan. Verifying data, like a steady job and a stable residence is often a more telling indicator than a FICO score.
The addition of DVT for Defender 2.0 users makes it easier and quicker for them to build high yield portfolios while at the same time reducing lending risk. Skypatrol is committed to providing its vehicle finance customers with the most innovative tools and capabilities available in the growing Internet of things (IoT) space.
Skypatrol is deploying DVT today with the latest Defender 2.0 update. This introduction comes right on the heels of the installation app introduction and is a harbinger of things to come.