We expanded our Paycheck Prediction Model to detect and predict the next Social Security paycheck with 89.23% accuracy.
Why it matters
Cash advance, BNPL, and credit/charge card providers are increasingly looking at additional income sources, including Social Security, to qualify users for an advance, loan, or credit line.
Our Social Security income prediction allows you to supercharge underwriting decisions and increase successful collections by accurately determining when a user will receive their next Social Security paycheck.
Learn more about how we predict income.
Use Cases
- Underwriting: Increase approvals by identifying qualified users with Social Security income
- Collections: Reduce NSFs and defaults by aligning collection attempts with Social Security payments
Here are some FAQs to get you started!
How do I know which users have Social Security income and what the next_date prediction is?
Social Security income streams are surfaced in our Recurring Income endpoint with tags = “Social Security”.
The prediction for when a user will next receive Social Security is in the “next_date” field, with all future predictions in the “next_dates” field.
See the above image for an example.
How are you predicting the next income date for Social Security?
We leverage a user’s past income history to pinpoint the exact day a user will receive their Social Security paycheck, allowing you to collect immediately after.
Why is this difficult?
- Early deposit features make it difficult to determine when a user will receive Social Security income
- Social security earners receive checks on different days of the month depending on their birthday
- Different types of Social Security benefits are disbursed on different days of the month
How are you measuring accuracy?
We measure accuracy by checking if a user received an incoming transaction >=$150 on the day that we predicted.
How can I see the accuracy of the Social Security next_date prediction on my own data?
We’ll shortly release a dashboard on manage.pave that will display the accuracy of the Social Security prediction on your own database.
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