Alternative Credit Data
Our eClear Credit Risk Report is an “alternative credit data” credit report that is designed primarily for buy-here-pay-here dealers and automotive lenders in the subprime space. Powered by Clarity Services’ extensive consumer database, you can now receive valuable insight into the creditworthiness and risk level of your buyers based on alternative data not delivered with traditional credit reports. This enhanced consumer assessment will allow BHPH, independent dealers, and lenders to recognize potential risks prior to contracting a high-risk, bad-payer.
In a world that is more data-driven than ever and a factor in driving this momentum can be best explained by a finding from an Experian survey: “70% of consumers are willing to provide additional financial information to a lender if it increases their chance for approval or improves their interest rate for a loan”.
This “additional financial information” is what we mean when we say alternative credit data. This generally includes data that is not found in a traditional credit report. This can include but is not limited to, alternative financial services data, rental data, full-file public records, and account aggregation. Alternative credit data has already become a staple because it allows for better decisions when determining creditworthiness.
The eClear Credit Risk Report
Do you offer in-house financing? Then our eClear Credit Risk Report is the ideal solution for you. The eClear Credit Risk Report provides valuable insights into creditworthiness and risk and is powered by Clarity Services.