CLEARWATER, Fla.--(BUSINESS WIRE)--Clarity Services, the leading subprime consumer credit bureau, announces the enhancement of three standard products to include a new active duty indicator to help verify the status of applicants and their dependents.
Effective October 3, 2016, lenders will be required to comply with an amendment to the Military Lending Act (MLA) concerning new terms for extending credit to service members and their families. The MLA will require all lenders to verify the military status of all applicants and dependents. Currently, it is the applicant’s responsibility to inform the lender of their status. Lenders who wish to verify the consumer-reported status are forced to perform a separate, manual entry verification through the Military Lending Act website.
By incorporating the active duty indicator into Clarity’s reports, customers not only have a cost-effective compliance solution but also obtain greater visibility into an applicant’s alternative financial services credit usage. The automated reporting of this vital status in Clarity reports also eliminates the current additional process of manual entry to the MLA website.
Clarity products that will contain the indicator are Clear Tradeline, which reports inquiries and tradeline activity, including payment history and collection attempts; Clear Recent History, which provides a valuable 90-day snapshot of inquiries and tradeline activity; and Clear Credit Attributes, a collection of Clarity-exclusive data attributes that show inquiries, tradeline details, bank account activity and an overview of income and housing status.
“As an industry leader, Clarity continues to address our customers’ need for regulatory compliance,” said Project Management Director Lan Luangsouphom. “We are enhancing the solutions above with this essential indicator at no additional charge.”
About Clarity Services, Inc.:
Clarity Services, Inc. provides powerful real-time fraud detection and credit risk management solutions for the non-prime and thin / no file consumer segment. By leveraging unique data assets and scores, Clarity Services' suite of FCRA-regulated reports and scores empower providers with visibility into critical consumer information not available on traditional bureau reports. For more information about Clarity Services, visit our website.
