Alternative Credit Data for Storefront Lenders

Storefront lenders can use Clarity’s alternative credit data to offer loans to small-dollar consumers and applicants at more reasonable rates, building a larger customer base and helping borrowers build their credit.

While storefront lending is a relationship-driven business, a broader view of a borrower’s history can reveal important insights. Protecting your business doesn’t need to be complicated.
What does alternative credit data bring to the table for storefront lenders?
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The Missing Piece: Alternative Financial Data

The financial crisis of late 2008 triggered a sharp increase in unemployment, seeing the rate jump from 5.5 percent to a high of 10.1 percent; a rapid reduction in consumer loans offered by large banks; and a staggering devaluation of home values resulting in foreclosures and strategic defaults creating a major shift in consumer FICO® credit scores.

It is believed that 30 to 40 million consumers experienced a negative change

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