Credit Bureau Connection (CBC) and Clarity Services have partnered to provide dealers and finance companies what the service providers say is a first-of-its-kind, comprehensive view of a consumer’s credit history.
The companies explained exclusive subprime credit data combined with existing traditional credit bureau information are being used to enhance credit reports and compliance solutions for Credit Bureau Connection’s customers. Clarity insisted its non-traditional credit data provides a unique insight into consumer credit behavior that is not available from the traditional credit bureaus.
“Lenders and buy-here, pay-here dealers who exclusively use traditional bureau scores are missing a wealth of information that could have a huge impact on underwriting or lending decisions,” the companies said. “This partnership gives lenders greater access to information they need to mitigate their risks and better understand their applicants.”
By incorporating Clarity’s data, dealers will be able to more accurately price and structure deals with profitable contract terms while managing default risk.
“I’m excited about our partnership with Clarity Services,” said Mike Green, president and chief executive officer of CBC. “This partnership goes beyond just providing credit reports. It will provide additional insight into a consumer’s file that will change the industry as we know it.
“The industry needs this now more than it ever has,” Green continued. “The additional benefit of non-traditional credit data bundled with CBC’s robust credit report and compliance suite, will elevate subprime dealers to new heights.”
With an increasing number of consumers having subprime credit scores, CBC and Clarity sense that more finance companies and partners within the credit industry are accepting the necessity of more comprehensive information to determine an applicant’s intent to pay.
For California-based CBC and its partners, Clarity’s data provides a new level of confidence in financing.
“We are excited about the partnership with Credit Bureau Connection, an industry leader in credit reports and compliance solutions,” said David Elmore, vice president of auto finance and strategic accounts at Clarity Services.
“The partnership between Clarity Services and CBC provides a unique opportunity to improve underwriting and lending efficiency for thousands of subprime auto dealers,” Elmore continued. “Leveraging Clarity data will provide CBC’s customers with the most comprehensive and robust view of the subprime consumer in the industry.”