CLEARWATER, Fla.--(BUSINESS WIRE)--Following impressive results using Clear FraudTM to mitigate losses in targeted auto lending transactions, Westlake Financial Services has expanded its relationship with Clarity Services to strengthen its auto portfolio nationwide.
Westlake, which has a network of more than 50,000 new and used auto and motorcycle dealers throughout the United States, began testing Clear FraudTM a year ago in select markets. The California-based finance company has enhanced its profitability by using Clear FraudTM to provide loan terms that are more attractive to both consumers and dealers.
“During the testing period with Clear FraudTM, we saw a measurable lift and clear separation of risk,” said Ian Anderson, Group President of Westlake Financial. “Using an FCRA-actionable report that includes detailed reason codes is critical, both from a compliance standpoint and for greater peace of mind that our decisions will maximize ROI.”
By incorporating Clarity’s credit data, Westlake is able to more accurately price and structure deals with profitable loan terms, and determine down payment requirements. Westlake’s use of Clear FraudTM helps the lender evaluate subprime applicants with credit scores below 600. Clear FraudTM also makes it easy to integrate scores into Westlake’s existing scorecard.
“It’s rewarding to have an auto finance industry leader like Westlake validate the power of our data for underwriting subprime consumers,” said Tim Ranney, President of Clarity Services. “Our data is already known to be very strong for credit cards, marketplace lending and other subprime applications. Westlake embracing Clarity’s data is proof of its value in yet another industry segment.”
For more information about gaining a competitive pricing edge with Clear FraudTM, contact David Elmore at 727-308-5756.
About Clarity Services, Inc.:
Clarity Services, Inc. provides powerful real-time fraud detection and credit risk management solutions for lenders serving 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.