CLEARWATER, Fla.–(BUSINESS WIRE)–#MLA–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,
Clarity Services, Inc.
Susana Walls, 727-400-6762