Profitable loan portfolios are built on more than simply the number of loan acquisitions or a reduction in first payment default. Cost effectively managing the full life cycle of a consumer's loan and credit utilization and performance requires innovative, real time solutions. CL Verify provides the tools to acquire, manage, retain and recover more effectively, thereby reducing expense and improving consumer retention to deliver increased overall profitability.
CL Verify's unique and proprietary consumer data provides clients with the most predictive resources for identifying, managing and optimizing the entire credit life cycle of a customer. This gives our clients an unmatchable amount of intelligence to verify the identity of an applicant, determine the liklihood of a loan to default, measure expected profitability of a new loan, flag suspected fradulent transactions and assist in the recovery of bad debt.
CL Verify’s solutions provide access to over 3 billion debit account records, nearly 30 billion pieces of demographic and public record data and nearly 50 million unique consumer records to prevent identity fraud, mitigate risk, retain customer relationships and recover capital.The Big 3 credit agencies focus on an individual's overall credit worthiness. For the most part, the individuals applying for loans at your business are assumed to be high credit risks. More importantly, most high-risk lending merchants do not report bad loans to the Big 3 credit agencies; therefore, being able to determine and predict past and future performance on an individual who has acquired services from another short-term, unsecured lending merchant is minimal at best. Additionally, the Big 3 credit agencies do not provide information on recent inquiries. CL Verify provides detailed inquiry status on the number and frequency of consumer loan applications down to the minute. For the near-prime industry, the Big 3 can neither provide completely nor timely the necessary information crucial to your business.
The cost of CL Verify's service is entirely value-based. On an average annual basis, our clients save 10 to 20 times the actual cost of other verification services. Choosing CL Verify as your decision support provider is a wise and cost-effective investment.
CL Verify enables lenders to identify consumers who, in your opinion, will most likely default on a loan, saving you the potentially expensive cost of acquiring collection services; thus, decreasing your ability to grow your business. CL Verify indirectly provides loan repayment incentive, making it more difficult for a consumer to obtain additional loans while having loans in default.
The information provided by CL Verify is financial, historical, and transactional in nature. This information includes the following as reported to us:
No. One business will never be able to access another business’ information. When merchants access CL Verify’s database, they do so by making inquiries and reporting loans on individuals. Other merchants may see that a particular individual has a bad loan or several inquiries with another merchant, but in no way can that merchant view your past and/or current customer base. All shared information is reported and obtained on an individual basis only.
No. CL Verify provides information only. You and your institution determines the significance of that information. The information from CL Verify does not mandate the action(s) you should take involved in the loan approval process. Your organization defines the criteria for which you will extend or deny a loan. You may elect at any time to take a more aggressive or more lenient approach in your denial process. CL Verify will work with you to determine what decision criteria will be most beneficial for your business. Whether you wish to be aggressive or cautious in your decision criteria, CL Verify enables you to spot individuals which hold the highest loan default risk.
No. The owners of CL Verify feel strongly about the privacy of individuals and do not sell such information. The information collected is reported only to CL Verify's participating clients.
CL Verify has a multi-tiered billing structure which depends upon the average number of inquiries made per month. Your monthly fee will vary, contingent upon your usage. Your particular fee per use will be determined by your contract with CL Verify. CL Verify also provides usage discounts, which are largely determined by average usage volume.
Each account which you have with CL Verify will be on a per-use basis; your monthly fee will vary, contingent upon usage. Your particular fee per use will be determined by your contract, per store, with CL Verify.