Clarity is a real-time credit bureau for the alternative finance industry. Based on my personal experience, they have a lot of passion for the industry. Now, you can also call them ambitious…..
Clear Recent History, is being made available at no-charge for storefront providers who contribute loan data to Clarity.
What is Clear Recent History?
“As a trade line report designed for storefront small dollar credit providers, Clear Recent History provides key information such as consumer’s loan activity over the past 90 days, loan inquiries, detailed trade line information for open and closed loans, past due amounts, and collections and charge off activity. It also indicates whether the consumer has applied for small dollar credit in the last month and year, and the number of days during the past month and year a consumer had one or more loans open.”
I already use Teletrack. Why do I need Clarity?
If you’re wondering what your customers are doing online, Clarity is going to help you.
I’m a lender. How can I take advantage of this deal?
Contact sales@clarityservices.com, or join a webinar at http://www.clarityservices.com/webinars.
How do I report loan data back to Clarity?
The easiest way to report back to Clarity is through your LMS (Loan Management System). Otherwise, you can report manually through Clarity’s website.
You may read the full press release HERE.
Comments
10 responses to “Clarity Makes Store Front Lenders an Offer They Can’t Refuse”
BUT will software vendors be willing to interface to this system?
I know Intro XL does 😉
Very hesitant! This data would turn into a lead for competitors.
Free!? You get what you pay for. Probably sell data to collection company.
Sounds like a trick that leads to my customer getting their next loan online.
Hi Donald, you bring up a valid point. The way I think it works is Clarity helps you avoid taking risks with new borrowers. They will tell you if they have a positive or negative loan history. If you use Clarity on a borrower and he/she pays you or does not pay you. This gets reported. If your customer goes online, of course the positive pay history will be there, but so will the negative.
I guess my point is…your getting good information and you have to give it back.
Thanks for the note Admin. I understand what you’re saying, maybe I’m paranoid. I don’t do online payday and I want my customers coming back to me. If Clarity sells their contact info to another company, I could lose the customer. Do you know if they can do that? I’ve heard the guys that own Clarity own a payday lending company too, which scares me even more. Any idea if that’s true?
Thanks Donald. I think you have to a little paranoid. I like to think of it as skeptical. I would love to know exactly how the data is used. As far as who owns what, you got me. I know Clarity has helped quite a few internet lenders. They genuinely care about their product.
Unfortunately, you don’t know any of this until someone gets caught. I was shocked to read this a couple of years ago: https://www.pdlindustry.com/a-little-industry-gossip-on-teletrack/
Exactly, Teletrack is what came to my mind when I saw Clarity’s “free” advertisement. Teletrack may have had to pay millions in fines, but that doesn’t help the companies that lost their customers b/c of the marketing. At least not from my understanding. I’m not touching this product from Clarity, I don’t trust it.
Donald, if you can keep your charge offs down and make a profit, you don’t need these services. The problem is that most lenders can not. The industry is becoming super competitive and borrowers can get money anywhere. Even if you do not report data to any of the credit bureaus there is a lender out there that’s willing to take a chance on your customer without your data.