Financial fraud in 2017 presents itself in many forms, from synthetic identify theft to kickbacks and skimming. As America settles in with a new year and a new presidential administration, lenders are still looking for answers to loan stacking – a popular type of fraud that doubled in frequency
Before lenders can reduce loan underwriting costs and approve more loans, they must first be able to authenticate eligible applicants and flush out the abusers. The fight against loan stacking is a tall task, given today’s environment of online lending, competitive pressure, and quick turnarounds. Fortunately, it’s a goal
It is widely understood that subprime consumers have fewer opportunities to access credit because the underwriting process is more challenging for lenders. Whether because of low credit scores, or due to a lack of credit history (known as thin-file), these consumers are often forced to use alternative financial services
What is loan stacking? How does a lender identify it? How can a lender stop loan stacking?
The basic definition of loan stacking is when a consumer takes out one or more unsecured loans or cash advances on top of loans of a similar type that already exist. Clearly, this
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
Clarity Services, Inc. announced today the patent-pending status by the U.S. Patent Office that covers systems and methods for aggregating and providing data pertinent to the extension of financial or commercial transactions. This new application, called Temporary Account Record, will facilitate lender due diligence in determining a consumer’s ability