Clear Bank™ provides a comprehensive evaluation of your applicant’s banking history and may be used as a powerful substitute or enhancements to credit bureau trade line data. Clear Bank™ reports all of your applicant’s known bank accounts and supplements them with bank account status information, Automated Clearing House (ACH) transaction data, and bank account closure determinations.
NOTE: Clear Bank™ does not return account numbers, only aggregate information about a bank account.
- Easy-to-read reason codes.
- Account behavior codes relating to negative banking patterns.
- Quickly identify bank account types, account numbers, and banking institutions.
Clear Warning™ provides a current snapshot of an applicant’s banking status that includes bank account risk ranking, new account warning, and the account type found for the submitted applicant, with the ability to view the current status of a bank account.
- Instant status report of a bank account.
- Primary screening of applicants to check if an account is in good standing.
- Provides new account warning when an account has been open for less than 31 days.
- Reports the percentage of defaults that Clarity has seen from the submitted bank or branch.
- Batch processing is available.
Clear Warning for Check Cashers™
Clear Warning for Check Cashers™ provides an additional layer of underwriting confidence when providing check cashing services. This easy-to-read report is furnished with a defined reason code and description detailing the bank account status.
- Reduces the chance of bad/bounced checks.
- Reports bank account status for check cashing purposes.
Clear Account Ownership™
Clear Account Ownership™ determines whether an applicant is the owner or an authorized user of the bank account on the application.
- Helps lenders reduce first payment default associated with fraudulent applications.
- Verifies that the name provided on the loan application is a signer on the bank account.
- Returns key data:
- Risk Level: (low, high, or unknown)