It might surprise some lenders to know that not all credit reports are created equal, especially when it comes to loan stacking prevention. Traditional credit bureaus update lender information monthly to coincide with their billing cycles. Most lenders send bills once per month and report their data at the end
Clarity Services has developed a groundbreaking new approach to loan reporting that can help lenders prevent a growing industry problem, loan stacking. 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
Loan stacking, when a consumer takes out multiple loans without a lender’s knowledge, is surfacing as a major issue in the online unsecured lending industry. Simply put, a consumer takes out a loan online, then proceeds to take out several more loans online before the credit bureau loan reporting