We are now finding a niche in rental-purchase and have begun to cultivate opportunities for our services in this growing market.
Bobby Edwards, Market Development Executive, CL Verify

"We help lenders make the best decisions when it comes to payday loans," says Bobby Edwards, market development executive for CL Verify. "Our motto – 'Better Data. Better Decisions.' sums it up. As a consumer reporting agency, we provide access to the most comprehensive information network for reducing default risk and preventing identity fraud. We are a major provider of information products and services and therefore use the most sophisticated decision support systems to help lenders serve more customers quickly, efficiently and profitably. We are now finding a niche in rental-purchase and have begun to cultivate opportunities for our services in this growing market."

From its inception in 2003, CL Verify has pioneered information solutions that have enabled lenders to provide a superior customer experience at significantly lower prices, minimize risk as alternative revenue providers and gain access to non-traditional proprietary information in a truly competitive financial services marketplace.

CL Verify's decision support solutions are built on a unique and ever-expanding source of consumer identity, fraud, payday advance, and demand deposit account data. This information is collected from financial institutions, retail merchants, payday advance lenders and other demographic and public record sources to create an informational network of over three billion debit account records and nearly 30 billion pieces of demographic and public record data including:

--Up-to-the-minute Payday Advance inquiry and performance records
--Payday Advance 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
--OFAC
--High-risk address

Drivers' license validation and verification
According to Edwards, CL Verify's current focus on rental-purchase coincides with a recent trend in that industry to embrace the payday loan market. Independent and corporate RTO organizations alike seek the benefits from an overlapping consumer base by becoming an alternative revenue provider. More and more they are calling CL Verify as they consider underwriting an RTO contract or providing payday advance lending. CL Verify offers a turnkey solution to aid RTO dealers as they evaluate a potential customer's risk. It provides a module for consumer finance information that is integrated with in-store software, eliminating the need for a customer to bring in detailed personal information and documentation. It also protects the consumers' privacy while improving the lenders' profit outlook. Plus it enables the store operator to avoid that extra step of going to a separate website to enter information.

"Our services help lenders determine the degree of risk and make a decision that is financially sound. We collect propriety data from non-traditional credit sources to give insight on someone who has no information on record with the credit bureau, and we are the only ones in this arena to subscribe to e-fund checking account and debit account history. We also provide identify verification, the basis for any sound financial decision in this industry."

He adds, "It all goes back to making decisions. There is no need for excess risk and yet at the same time no need to belabor a decision. We make it quick, easy and as reliable as it gets."

For more information, contact Bobby Edwards, 727-373-2499 or bedwards@clverify.com.