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About Us
Clarity Services, Inc. is a consumer reporting agency that provides information to lenders and develops efficient and effective data reporting products to help businesses reduce high-risk lending. Clarity's growing database of consumers provides information that is not available in traditional reporting agencies and assists lenders in gaining a competitive advantage by viewing alternative consumer data.
Who is Clarity?
Clarity Services, Inc. was founded in 2008 by industry veterans who identified and built upon the idea of providing a better way to report information for the alternative financial services market. Clarity is an FCRA-regulated consumer reporting agency that utilizes the latest and most flexible database architecture available.
Clarity offers real-time reporting with a national coverage of non-traditional data sources that, when combined with the available traditional information offered by the three existing credit bureaus, provides an unparalleled view of the consumer.
Clarity's Alternative Data Sources
Clarity's unique data source is derived from the alternative financial services providers that do not report to the traditional credit bureaus. These include: buy-here-pay-here auto dealers, check cashers, prepaid card issuers, short-term installment lenders, peer-to-peer micro lenders, payday lenders, online payday lenders, and many more. Clarity focuses on data reporting for under-banked and near prime consumers. Because under-banked and near prime consumers have minimal recorded data, accessing their creditworthiness proves to be a challenge for lending institutions. Clarity enables a business to know more about these consumers and assist in the decision-making process.
What is alternative data?
As a consumer experiences a loss of credit and a need to secure funds to address financial responsibilities, many consumers turn to alternative lending services that facilitate their need. These services include but are not limited to: check cashers, prepaid card issuers, short-term installment lenders, peer-to-peer micro lenders, payday lenders, online payday lenders, and brick and mortar lending facilities. These institutions do not report to traditional credit bureaus therefore a consumer's alternative lending activity is not visible to institutions relying on just the traditional credit report.
In a recent Clarity database study, 1 Million random Clarity customer records were reviewed and of these consumers, 58% of them scored an average score ranging from 600 to 699 Vantage score.
