Clarity Services Introduces Clear Fraud for Online Installment

Clearwater, Fla. – Clarity Services introduces its newest solution specially designed to predict “intent not to pay” fraud for customer-not-present transactions, Clear Fraud for Online Installment. Available now, the new product offers a powerful score whose performance has shown to more accurately assess online loan application risk.

“The online installment market faces unique challenges because consumers can literally be located anywhere,” said Tim Ranney, CEO and President of Clarity Services. “We’ve augmented the fraud score with specialized attributes that take a fresh approach to detecting deceptive online applicant activity.”

Developed with more up-to-date online installment data, this FCRA-actionable product and score closer relate to the present-day online installment and single payment lending environment.

“After testing, the new [...]

Clarity Services Expands Its Suite of Tools to Protect Lenders From Default

Clearwater, Fla. – Clarity Services announced today the release of a revolutionary credit verification tool, Clear Last Look™, which allows lenders to verify that a consumer’s credit activity has not changed in the hours between underwriting and funding.

Combined with existing products such as Clear Fraud™, Clear Bank Behavior™ and Clear Tradeline™, the new offering forms a comprehensive, end-to-end chain of solutions to safeguard lenders throughout the entire underwriting journey. Many types of lenders can benefit, particularly online lenders and credit card issuers.

Clear Last Look provides credit assessment by reporting a consumer’s new credit activity after the loan underwriting process is completed – but before funds are disbursed. The product’s inquiry and tradeline stability matrices report [...]

Clarity Trends Report Presents the Evolution of the Subprime Market

Clearwater, FL – Clarity Services, the subprime industry’s largest credit reporting agency, today announced the release of its 2017 Subprime Lending Trends report. More than just a demographics report, it offers exclusive insight into emerging consumer trends that can help lenders reach the consumer where they are.

The trends report goes beyond simply offering insight into the subprime consumer; it focuses on the broader alternative lending market. Do online or storefront customers take out more loans? Which market has the most returning customers each year? The report answers these questions and more.

“It’s important for lenders to have a sense of the subprime lending landscape so they can better serve their customers,” said Tim Ranney, President and CEO of Clarity Services. [...]

Military Lending Act Compliance Made Easy With Active Duty Indicator from Clarity Services

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 [...]

Prevent Loan Stacking with New Tradeline Reporting Approach from Clarity Services

Clearwater, Fla. – Clarity Services has developed a groundbreaking new approach to loan reporting that can help lenders prevent a growing industry problem. Clarity’s Temporary Account Record is a patent-pending solution that helps eliminate the lag time that occurs between loan approval and loan reporting.

When an extension of credit or a loan is made to a consumer, a lender will generally only report the transaction on a periodic basis, often ranging from 45-60 days for a traditional credit bureau. Even those lenders who claim to report in real time typically do not report new loans until the loan has funded. This funding and reporting lag can be as long as 36 hours.

During this time, it is possible for a [...]

Identify and Prevent More Fraud with Clarity Services

Clearwater, Fla – Clarity Services, the leading subprime consumer credit bureau, announces the release of Clear Risk Indicators™. As part of the Clear Risk Solutions™ suite of services, Clear Risk Indicators combines Clarity’s exclusive data with traditional credit data from TransUnion® to provide comprehensive, up-to-date data for enhanced fraud detection.

Clear Risk Indicators provides a thorough overview of potential fraud indicators, fraud signatures and more. It includes sections with metrics for time periods ranging from one minute to one year to help determine the stability of an applicant’s information, and critical fraud indicators that address the latest fraud patterns. Most importantly, it returns an updated fraud score, supported by reason codes, that supplies a real-time indication of risk.

“The unique combination [...]

Clarity Services Offers Compliance Solutions for Utah Lenders

Clearwater, Fla. – As the leading real-time credit bureau for the non-prime market, Clarity Services is prepared to offer a variety of solutions to assist online and storefront lenders with the compliance requirements found in Utah’s current regulations as well as the Deferred Deposit Lending Amendment (Utah Code § 7-23-401) that will become law on July 1, 2016.

The existing lending requirements and the Amendment apply to any lender who conducts deferred deposit lending in Utah or with a Utah resident, regardless of the lender’s physical location. The Amendment also requires that lenders report to, and pull from, a credit reporting agency for proper due diligence.

Clarity has not only created solutions to address these regulations, but also a portal to [...]

Protect Revenue with Enhanced Fraud Detection from Clarity Services

Clarity Services, the leading subprime consumer credit bureau, announces their newest risk offering, Clear Identity Risk™. Part of a larger suite of services, this solution provides several layers of fraud detection to help lenders identify and avoid funding fraudulent loans.

Clear Identity Risk™ is a powerful identity verification tool, featuring the combination of multi-sourced identity verification (IDV) and email address analysis to identify transactional risk. Email account information, including origination date, domain name and IP location information, is both valuable and predictive when evaluating risk. The use of these elements in screening applicants, while not an industry standard, has shown to give lenders a competitive advantage.

“The multi-source identity verification is powerful, but not fool-proof,” said Product Manager Matt Takamatsu. “Email [...]