Verify Potential Borrowers’ Credibility and Financial Health

The Challenge of Borrowers Screening

Effective borrower verification & credit assessment is essential for P2P lending platform to minimize risks and ensure and ensure low default rates. However, traditional verification & assessment methods can be:

• Time-consuming and labor-intensive
• Reliant on self-reported information from applicants
• Limited in assessing an applicant's financial stability and ability to pay loan
• Prone to inaccuracies and incomplete data

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Solutions

Brick provides a comprehensive suite of tools to streamline and enhance your borrowers verification & assessment process:

1. Identity Verification:
   Streamline borrower onboarding and verification processes, ensuring the authenticity and reliability of borrower information.‍
2. Bank Account Verification:
   Verify the authenticity of an applicant's bank account, ensuring the accuracy of provided financial information.‍
3. Income and Employment Data:
   Access verified income and employment data from authoritative sources, assessing an applicant's financial stability and ability to pay loan.‍
4. Bank Statement OCR Digitization:
   Extract and analyze financial data from applicant bank statements, providing insights into their income, expenses, and overall financial health.

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End-to-End Borrower Onboarding & Verification Process

1. Application Submission:
   Collect necessary information from potential borrowers through a standardized lending application.
2. Bank Account Verification:
   Verify the authenticity of the applicant's bank account using Brick's Bank Account Verification solution.
3. Income and Employment Verification:
   Retrieve verified income and employment data from Brick's authoritative sources, assessing the applicant's financial stability.
4. Bank Statement Analysis:
   Request and digitize applicant bank statements using Brick's OCR Digitization, extracting relevant financial information.
5. Credit Check:
   Conduct a comprehensive credit check to evaluate the applicant's credit history and identify any potential red flags.
6. Background Check:
   Perform a thorough background check, including criminal records and eviction history, to ensure the applicant's suitability as a borrower.
7. Informed Decision-Making:
   Make borrower selection decisions based on a holistic view of the applicant's financial stability, credit history, and background, supported by Brick's data-driven insights.