Clarity Services Addresses the Challenges of the Payday Industry with Clear Payday Tradeline

CLEARWATER, Fla., Nov. 28, 2011 /PRNewswire/ -- Clarity Services, an industry leader in subprime, thin-file, and under banked consumer data reporting, announced today  the release of its new Clear Payday Tradeline product tuned for the payday industry.  Clear Payday Tradeline is specifically designed to identify credit risk and is the next product in Clarity's natural progression of trade line reports focused on a subprime consumer's payday loan history.

"There are no perfect sources of data; often there is imperfect or incomplete data," said Tim Ranney, president and founder of Clarity Services.  "With that understanding, we have woven together multiple data sources to provide an aggregate picture that is as complete and accurate of a picture of a consumer's payday lending history as you can get, "concluded Ranney.

Clear Payday Tradeline strives to alleviate the known credit reporting challenges in the payday industry such as lack of comprehensive reporting by some lenders and data management for stale and outdated data that can negatively impact risk management capabilities.   When these components are addressed, lenders have the ability to make informed decisions based on Clarity's current and reliable data.  In the fast-paced payday lending space, knowing the lending risk of a consumer is one of the keys to reducing investment losses.

The new Clear Payday Tradeline report provides visibility into multiple automated clearing house (ACH) processing data sources and further augments an already robust trade line report.  Because not all lenders report to a credit bureau, this new ACH data fills the gap by reporting transaction patterns for funded loans, completed payments, failed payments, and payoffs associated with an applicant's submitted account.  These features helps lenders gain access into a consumer's overall behavior and use of payday lending products. 

In addition to ACH data, Clear Payday Tradeline includes a custom score with score-associated actionable reason codes that provide the most significant reasons for an applicant's returned score, collections and charge-off information, easy identification of non-conformant loans, and a complete consumer trade line report. 

"Clear Payday Tradeline increases lender visibility where a consumer's payday lending activity was once missing due to lenders not reporting to credit bureaus," said Mike Cook, Clarity's executive vice president and former founder of ID Analytics.  "This data bridges the coverage gap and will allow improved underwriting decisions," added Cook.

About Clarity

With over 24 million unique Social Security Numbers, Clarity Services provides powerful reporting products on under banked, subprime, thin file consumers with real-time consumer data to facilitate fraud detection, risk management and more.  A series of fully customizable configurations help businesses make educated decision choices to meet individual business needs and help reduce investment losses.  Clarity's contributing data partners include payday lenders, buy here pay here dealers, installment lenders, title loan providers, and more.

For more information on Clarity's robust reporting solutions, please visit: www.clarityservices.com or contact Sales at (727) 489.7266.

SOURCE Clarity Services