/ clverify.com / Company / FAQ's How does CL Verify's service work? CL Verify's products and services work by providing additional information regarding high-risk loan applicants that can not be received by alternate means. The information provided by CL Verify is collected from other participating merchants that lend to high-risk individuals. This information includes outstanding unpaid loans, loans in collections, and recent inquiries with other participating merchants-most of which report this information solely to CL Verify. The information provided displays an individual's financial history with other high-risk lending merchants and outlines the  individual’s past performance, which enables the lender to predict potential future performance. Other information provided by CL Verify includes detection of invalid or unissued social security numbers, as well as detection social security numbers associated with the deceased. Additionally, lenders will be alerted to any bankruptcy proceedings that have been reported to CL Verify. Why should I use CL Verify when I can verify an individual with The Big 3 credit agencies? 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 payday advance 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 payday advance industry, the Big 3 can neither provide completely nor timely the necessary information crucial to your business. How does CL Verify save me money? 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. What kind of information is provided by CL Verify? The information provided by CL Verify is financial, historical, and transactional in nature. This information includes the following as reported to us: Total Inquiries Recent Inquiries (any other inquire within the last 30 days) Issued (current) loans Past due loans Loans in collections Loans written off (charge-offs) Bankruptcies reported Invalid social security numbers Social security numbers belonging to deceased individuals Inquiry history Loan history Optional applicant scoring (defined by your institution) Can any other business see my information? 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. Does using CL Verify's service limit my business or hinder my growth? 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. How does the Graham-Leach-Bliley privacy act and the subsequent "opt out" provisions affect CL Verify? The Graham-Leach-Bliley Act (GLBA) actually legitimizes CL Verify's service. The federal government legally defines CL Verify as a credit agency, although we are vastly different from the other standard credit agencies. As such, we fall under the requirements of the Fair Credit Reporting Act (FCRA) for the information that we collect and report. That act gives us the permission to collect and report information on individuals who engage in financial transactions with both lending and credit businesses. The much needed GLBA did several things to improve the privacy of an individual’s information.It categorized the information collected and shared by institutions into two major classes–essential and non-essential. Subsequently the GLBA, as with the FCRA, reiterated the necessity for the capability of financial institutions to report and receive financial related information on individuals applying for loans and credit. Conversely, the GLBA gave the individual the right to determine how the non-essential portion of their information was disseminated. This right is commonly referred to as the "opt-out" provision. CL Verify collects only the essential financial information needed by our high-risk lending customers. We do not collect the non-essential information; therefore, "opt-out" provision is not applicable to CL Verify. Does CL Verify sell the information gathered? 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. How does CL Verify bill for its services? 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. I have multiple stores; is billing any different? 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. Why CL Verify? CL Verify is by far the best value in the industry. No decision support provider can compare to the value of services and information offered by CL Verify.CL Verify is constantly striving to improve your ability to make sound lending decisions by providing lenders with the most comprehensive and relevant information. In the highly competitive payday advance industry,having the most accurate, current, and complete information fosters better decisions, and better decisions means increased profits.