Clearwater, Fla. – Clarity Services, the leading subprime consumer credit bureau, announces the enhancement of three standard products to include a new active duty indicator to help verify the status of applicants and their dependents.
Effective October 3, 2016, lenders will be required to comply with an amendment to the Military Lending Act (MLA) concerning new terms for extending credit to service members and their families. The MLA will require all lenders to verify the military status of all applicants and dependents. Currently, it is the applicant’s responsibility to inform the lender of their status. Lenders who wish to verify the consumer-reported status are forced to perform a separate, manual entry verification through the Military Lending Act website.
By incorporating the [...]