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Clear Adverse Action Notification™
By automatically distributing adverse action notifications via email, Clarity helps streamline this required process and provides lenders with an additional way of managing compliance.
What is Clear Adverse Action Notification™?
Clear Adverse Action Notification™ is a service that lenders can utilize to automatically send adverse action notices to consumers. Notices are sent via email on a nightly basis and include all of the elements required by the ECOA and the FCRA, in a Regulation B format.
How can Clear Adverse Action Notification™ help my business?
Benefits to Consumers:
- Consumers have the convenience of receiving all of the reasons for denials in one email, at one time.
- Information is presented in a format that is easy-to-read and understand.
- Consumers can quickly and conveniently access information about how to get reports from Clarity and other bureaus.
- Displaying the names of lead generators helps consumers understand why multiple lenders may be included in the notification.
Benefits to Lenders:
- Streamlines notification to consumers.
- Reduces overhead and variable expenses ($.04 per denial versus the cost of postage)
- Helps lenders comply with:
- Reduces phone calls from consumers by providing more information about denials.
- Helps direct consumers back to lead generators, rather than lenders.
- ECOA (Equal Credit Opportunity Act) - FCRA (Fair Credit Reporting Act) - Regulation B
Clear Adverse Action Notification™ Features
- An automatic Adverse Action Notification letter sent to consumers on behalf of lenders that subscribe to the service.
- Notification is communicated via email on a daily basis.
- Denial information for each consumer is consolidated into one email (for all lenders that subscribe to the service).*
- Lead generators are displayed alongside the lender's name, if applicable, and reported by the lender.
- Lenders do not have to make decisions using Clarity reports to take advantage of the service.