Posted by : Timothy Brogan
CL Verify , was created in 1994, as a real time alternative credit bureau, that helps subprime (insert hyperlink to subprime article, article 16) and alternative lenders decide whether to approve clients for various types of loans. CL Verify is similar to Teletrack in nature, but services a more targeted and smaller audience.
CL Verify is used to help businesses make over $6 Billion in subprime lending decisions for payday loans, installment loans, opening lines-of-credit, and collateralized loan applications. Currently CL Verify is used in over 6,000 retail short-term lending locations and is making its way in servicing the online lending community. The CL Verify database can access over 3 billion debit account records, nearly 30 billion pieces of demographic and public record data, and has data on nearly 50 million unique consumer records.
CL Verify services include; identity authentication, short-term loan inquiry and performance records, short-term loan MICR, indexed fraud file, MICR/Name/Address and SSN/Name/Address verification, DDA Fraud Closure File, Bank account-opening activity, Deposit account collections history, Check order history, Retail NSF check-writing history, Drivers’ license validation and verification OFAC and more.
If you have recently applied for a payday loan and been denied due to information found in a CL Verify report, you are entitled to receive a copy of that information for free by law, under the Equal Credit Opportunity Act.