Here’s why. According to The FactorTrust Underbanked Index:
- A customer who changes their mobile phone numbers four or more times over a 90-day period has a 77% higher default risk than a borrower with two.
- A customer with three or more different ZIP codes over a 90-day period has a 63% higher default risk than those with one.
- Amongst the underbanked, 16% applied with a different employer within 30 days, 20% within 60 days, 23% within 90 days, 25% within 120 days, and 34% within one year.
When choosing the right GPS solution, look for:
- Road proven software that allows you to track and locate a vehicle with a single click.
- Features that identify driving pattern changes, indicating a change of job or address.
- The ability to accurately predict a vehicle’s location for faster, less costly recoveries.
- Automatic loan STIPs verification tools that allow you to skip making phone calls.
- Reports and alerts that can be easily customized to fit how you run your dealership.
- An intuitive user interface that lets you track, manage and get on with your busy day.