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 activity for up to 72 hours following the original reference inquiry. This FCRA-actionable “last look” delivers the necessary insights that help lenders determine whether a consumer continued to seek other loans and therefore increased their likelihood of default.

Clarity’s exclusive subprime consumer credit data shows that consumers with one or more additional credit inquiries within 24 hours following underwriting are 40 percent more likely to default. Clear Last Look closes the visibility gap that exists between underwriting and funding the loan.

“A great deal can happen between the time lenders underwrite a loan and disburse funds,” said Tim Ranney, Clarity’s CEO and President. “Especially with subprime consumers, it’s critical to know the strong relationship between last-minute inquiries and future defaults. Clear Last Look is a first-of-its-kind product that helps lenders close this blind spot.”
Ready to lower default risk by gaining an unprecedented last look at consumer credit activity? Contact us today to learn more.