Informed.IQ unveils CollectIQ: Digital Dealer tool using Comprehensive AI to Electronically Collect and Verify Car Buyer Data

First-Of-Its-Kind Analytic Tool Enables Lenders to Digitally Obtain Consumer Documents to Verify Financing Requirements

SAN FRANCISCO, Aug. 8, 2023 /PRNewswire/ -- Informed.IQ, a leading provider of AI software that verifies and streamlines loan processing, announced CollectIQ, a first-of-its-kind AI-powered tool enabling auto lenders to digitally obtain consumer documents to verify financing requirements. Through accurate income calculations and validation of applicant data, loans are processed faster and more accurately with reduced fraud and improved dealer and consumer experiences. 

CollectIQ enables auto dealers to instantly verify consumer data and calculate income, providing a transparent and accurate financing experience. It enables car buyers to easily and securely provide documents and data electronically, giving dealers visibility into what the customer can afford. The tool works with dealers' current systems.

"As a user of CollectIQ, we are thrilled to embrace the latest enhancements including seamless integration with third-party service providers. This new connectivity is a game-changer for us. These enhancements will amplify our capabilities, streamline our processes, and deliver an unparalleled user and dealer experience," said the VP of Credit at one of the country's largest pre-owned auto retailers.

In addition to a quick link option, Informed can provide a QR code and phone number that dealers share with car buyers. The buyers finalize the verification process by uploading their documents or linking to bank accounts and payroll providers. Informed's industry-leading AI technology instantly analyzes this data so the lender can offer a better deal structure, reducing contracts in transit and potential errors, while increasing transaction efficiency and dealer satisfaction. 

"In an industry where customer experience is everything, dealerships that prioritize digital transformation of their F&I departments will come out on top." said Justin Wickett, CEO of Informed.IQ. "We are thrilled to be first to offer this type of technology to our lending partners. CollectIQ enables our lenders to board more loans, fund dealers faster and reduce fraud." 

Real-time verification of consumer and dealer documentation streamlines and optimizes loan performance. Informed's AI and modeling perform complex calculations ensuring accuracy, identifying omissions, and combating fraud.

To see CollectIQ in action, watch this one-minute video or request a demo.

About Informed.IQ 

Informed uses AI and ML to instantly verify income, assets, residence, insurance, auto stipulations, credit stipulations and more, enabling real-time, reliable credit decisions without bias. Informed's ML models are trained to process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance for lenders. In 2022, Informed processed over 4M consumer credit applications for major US lenders, automating over $110 billion in loan originations to date. Informed automates verifications with 99% accuracy in seconds with no humans-in-the-loop. 

To learn more, visit informediq.com or follow Informed on LinkedIn.

SOURCE InformedIQ