Clarity Services, Inc. now, a part of Experian is a credit reporting agency that provides information to providers and develops efficient and effective data reporting products to help businesses reduce high-risk lending. Clarity’s growing database provides information that is not available from traditional reporting agencies, and assists lenders in gaining a competitive advantage by viewing subprime consumer data.
SparkLMS integrates with the best breed of third-party solutions in the Lending Eco-system to run a lending portfolio easily and profitably. Clarity + SparkLMS integration will allow lenders to score their leads in real-time to mitigate risk and to make informed decisions prior to lending a customer.
What it does
With this integration, lenders will be able to
- Predict the likelihood of early default
- Obtain a comprehensive view of a consumer’s financial activity and stability
- Assess a consumer’s creditworthiness
- Get an in-depth look into a consumer’s inquiry and loan history
- Determine the stability of a consumer’s income, employment and housing.
- Authenticate a consumer’s identity and detect fraud by using key data elements including phone, email and IP address
Benefits
- Significantly reduces the chances of funding a loan to a fraudulent applicant.
- Lowers early payment defaults
- Aggregate activities across multiple lenders to detect fraud patterns more quickly.
- Being regulated and compliant, Clarity solutions allow for automated decision making
- Lenders have the FLEXIBILITY of using Clarity’s empirically derived, proven fraud score or developing their own models from more than 250 predictive variables.
Pre-requisites
After on-boarding your lending portfolio on SparkLMS, you must set-up an account with Clarity. We will guide you through the entire process of setting-up Clarity in your instance of SparkLMS.