By popular demand, we’ve added a data source integration for Method, an API that allows developers to retrieve data about a user’s liabilities such as credit cards, mortgages, and student loans – all with just the user’s phone number.
While Method returns a user’s liabilities, it’s difficult to get visibility into the corresponding historical payments made to these liabilities. Additionally, the data from Method may be incomplete or outdated due to issues like delays in credit bureau reporting.
A Pave + Method integration allows you to enrich a user’s liability data (Method) with loan payment history from bank transaction data (Pave) to get a complete and real-time view of a user’s financial health.
Why this matters
To date, getting a complete view of a user’s loan payment history alongside the details of the loan including the balance, term length, and interest rate has been a painful and often manual process.
Pave’s pre-built Method integration detects recurring loan payments in bank data and unifies it with the Method’s loan metadata to answer questions that aren’t possible to get from credit reports alone including:
- Has the user missed or been late on loan payments in the past 30 days?
- What is the user’s debt-to-income ratio based on new loans and loan payments that haven’t yet surfaced in a credit report?
- What is the borrower’s projected disposable income? Can they afford to make their upcoming loan payments?
Use Cases
- Dynamically adjust credit limits: Increase/decrease credit limits for new and existing users by leveraging real-time affordability signals
- Debt consolidation: Efficiently model different consolidation scenarios to offer users payoff options
- Personalize refinancing offers: Monitor your users’ loan history and proactively offer loan refinancing options
- Cashflow Underwriting: Drive lift in your credit risk models
- Personalize debt management experiences: Allow your users to see all of their loans in one place Recommend optimal debt payoff plans based on their cashflows and interest rates
- Manage overdraft risk: Verify upcoming loan due dates against the user’s account balance to anticipate potential overdrafts
Here are some FAQs to get you started.
Which Method payloads can I upload to the Pave API?
You can upload Method Payments, Entities and Accounts payloads to the Pave API. See more detail in our docs: https://docs.pave.dev/upload/method/post-payments
How do I access the insights?
You can access the insights by calling the Liabilities Endpoint.
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