Category: Products

Profit Loss Risk

Data? You need data?Data? You need data?

eClear Credit Risk Report

Alternative Credit Data

CBC’s eClear Credit Risk Report is an “alternative credit data” credit report that is designed primarily for buy-here-pay-here dealers and automotive lenders in the sub-prime space. Powered by Clarity Services’ extensive consumer database, you can now receive valuable insight into the credit worthiness and risk level of your buyers based on alternative data not delivered with traditional credit reports. This enhanced consumer assessment will allow BHPH, independent dealers, and lenders to recognize potential risk prior to contracting a high-risk, bad payer.

In a world that is more data-driven than ever and a factor in driving this momentum can be best explained by a finding from an Experian survey: “70% of consumers are willing to provide additional financial information to a lender if it increases their chance for approval or improves their interest rate for a loan”.

This “additional financial information” is what we mean when we say alternative credit data. This generally includes data that is not found in a traditional credit report. This can include, but is not limited to, alternative financial services data, rental data, full-file public records, and account aggregation. Alternative credit data has already become a staple because it allows for better decisioning when determining credit worthiness.

Do you offer in-house financing? Then CBC’s eClear Credit Risk Report is the ideal solution for you. CBC’s eClear Credit Risk Report provides valuable insights into credit worthiness and risk and is powered by Clarity Services.

Request a Demo

HIGHLIGHTS

The Ideal Solution for Buy-Here-Pay-Here Dealers

Provide critical insights into a consumer’s stability, ability, and willingness to repay, that is not available on a traditional credit report.

Supply Non-Traditional Data to Subprime Lenders

Improve and speed up decisioning by having this additional data available to enhance your lending decision process.

Payday Loan, Cell Phone, Utility Payment Data, and More

Reliable data that can mean the difference between funding and not funding a questionable buyer or assisting with processing no-file or thin-file traditional credit data applicants

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Liens and Judgements

Liens and Judgments are Back!Liens and Judgments are Back!

Liens and Judgments
Critical data on tax liens and civil judgments is no longer included as part of the standard consumer credit report issued from all three major credit bureaus. This change occurred as part of the implementation of the National Consumer Assistance Plan which is the result of a settlement between the three leading US credit bureaus and 38 states in 2015. As of April 2018, Equifax, TransUnion, and Experian have fully discontinued offering liens and judgment data. How is your business navigating this data deficit?
CBC Can Help!
Exclusively from Credit Bureau Connection you can once again receive Liens and Judgment data delivered directly in the body of the credit report. Liens and Judgments return information about public record filings on individuals to help uncover civil court filings during the credit review process. Contact us @ 800.448.0183 or email sales@creditbureauconnection.com for complete details.

American's with Disabilities Act Image

Americans with Disabilities Act (ADA) ComplianceAmericans with Disabilities Act (ADA) Compliance

If you use one of Credit Bureau Connections online web applications you may have noticed the wheelchair icon at the bottom right of the application. CBC recently implemented Americans with Disabilities Act (ADA) Compliance on all online web apps.

Wheelchair icon

The Americans with Disabilities Act (ADA) was developed in 1990 and is meant to ensure that people with disabilities have the same opportunities as anyone else. This means any businesses that serve the public must make sure their building accommodates people with disabilities of various kinds. And now that the internet is so widely used, ADA compliance also applies to websites and even mobile apps. Basically, this means that your website needs to be accessible to people who have disabilities that affect their hearing, vision, or physical capacities.

Recently, a ruling has been passed declaring the official standard of website accessibility for businesses. Title III of the ADA has mandated that all “places of public accommodation” are required by law to remove any “access barriers” that would inhibit a person with disabilities from accessing the business’ goods or services.

The ADA accessibility provided by CBC only works within the iFramed web application. You are still responsible for making the rest of your website ADA compliant. Feel free to contact CBC with any questions regarding ADA compliance.

Automated Income Check Pay Stub

Automated Income CheckAutomated Income Check

Instant Income and Employment Data for Auto Dealers

Automated Income Check Image

Automated Income Check (AIC)
immediately provides the critical insight you need to swiftly keep deals on track, delivering more than the customer’s last paycheck or hourly rate. You get several critical data fields that provide you with more detailed employment and income information, such as employer name, annual income, and job tenure. Best of all, you can get it delivered with any CBC credit report.

KEY BENEFITS

  • Structure stronger deals by better understanding income & employment status earlier in the buying process
  • Instantly verify information displayed on a customer’s consumer credit application
  • Offer the best loan options with fewer obstacles and/or loan stipulations to be cleared
  • “Spot deliver” vehicles with confidence
  • Improve the customer experience by guiding buyers toward loans they qualify for
  • Strengthen dealer lender relationships by submitting verified consumer information
  • Make more informed decisions that minimize risk

Credit Bureau Connection Partners with Clarity Services, Inc. to Deliver a Unique, Comprehensive View of Subprime ConsumersCredit Bureau Connection Partners with Clarity Services, Inc. to Deliver a Unique, Comprehensive View of Subprime Consumers

Clearwater, Fla. – Credit Bureau Connection (CBC) and Clarity Services have partnered to now
provide thousands of automotive dealers a first-of-its-kind, comprehensive view of a consumer’s
credit history.

Together, they combine exclusive subprime credit data with existing traditional credit bureau
information to enhance credit reports and compliance solutions to Credit Bureau Connection’s
customers. Clarity’s non-traditional credit data provides a unique insight into consumer credit
behavior that is not available from the traditional credit bureaus. Lenders and buy-here-pay-here or
sub-prime dealers who exclusively use traditional bureau scores are missing a wealth of information
that could have a huge impact on underwriting or lending decisions. This partnership gives lenders
greater access to information they need to mitigate their risks and better understand their applicants.
By incorporating Clarity’s data, dealers will be able to more accurately price and structure deals with
profitable loan terms while managing default risk.

“I’m excited about our partnership with Clarity Services,” said Mike Green, President and CEO of CBC.
“This partnership goes beyond just providing credit reports. It will provide additional insight into a
consumer’s file that will change the industry as we know it. The industry needs this now more than it
ever has. The additional benefit of non-traditional credit data bundled with CBC’s robust credit report
and compliance suite, will elevate subprime dealers to new heights.”

With an increasing number of consumers having subprime credit scores, more lenders and partners
within the credit industry are accepting the necessity of more comprehensive information to
determine an applicant’s intent to pay. For California-based CBC and its partners, Clarity’s data
provides a new level of confidence in lending.

“We are excited about the partnership with Credit Bureau Connection, an industry leader in credit
reports and compliance solutions,” said David Elmore, Vice President of Auto Finance & Strategic
Accounts at Clarity Services. “The partnership between Clarity Services and CBC provides a unique
opportunity to improve underwriting and lending efficiency for thousands of subprime Auto dealers.
Leveraging Clarity data will provide CBC’s customers with the most comprehensive and robust view of
the subprime consumer in the industry.”

About Clarity Services, Inc.

Clarity Services, Inc. provides powerful real-time fraud detection
and credit risk management solutions for lenders serving the nonprime
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.

MEDIA CONTACT
Susana Walls
Vice President, Marketing
727-400-6762

SALES CONTACT
David Elmore
Vice President, Auto Finance
& Strategic Accounts
727-308-5756

About Credit Bureau Connection (CBC)

Credit Bureau Connection is the leader in credit reports, compliance management, and consumer
prequalification solutions for automotive, motorcycle, power sports, and RV dealers; along with
a vast network of lenders, brokers, and integrated software partners throughout the automotive
industry. CBC provides credit report products from all three credit reporting agencies: Experian,
TransUnion, and Equifax, along with soft-pull credit reports, consumer facing web credit application
tools, and compliance services such as: Red Flags identity verification, Risk Based Pricing, adverse
action notice fulfillment, enhanced OFAC searches, and more. CBC sets the standard with superior
customer service, fully responsive cross-platform software, comprehensive data security, and servers
managed in the most secure and redundant data centers in the industry with the best uptime service
levels available. CBC’s forward thinking business and technology approach is the driving factor in
the companies’ substantial growth year after year for over a decade. For additional information, visit:
www.creditbureauconnection.com

CONTACT
Jeff VanOrnam
Director of Business Development
jeff@creditbureauconnection.com
800-448-0183

CBC eVaultCBC eVault

  Long Term Record Retention

 In order for today’s automotive dealers to stay in compliance with all of the recent industry-specific regulations, they need to make sure that their document management strategies are in order. Credit Bureau Connection’s eVault long-term record retention provides the necessary tool to not only be in compliance, but to remain in compliance for the long haul; removing the need to print out duplicate or triplicate forms. Credit Bureau Connection’s eCredit Complete incorporates long-term record retention as a part of its all-inclusive compliance suite.Your credit reports and all credit related documents generated in eCredit Complete are retained in the secure electronic eVault for later retrieval in the event of a dispute or compliance audit. No more searching through traditional deal jackets, filing cabinets, or off-site storage for your consumer credit applications and compliance documentation. In addition, the eVault is designed to store scanned or uploaded miscellaneous deal documents i.e. driver’s license, utility bill, pay stub, etc. for storage in the eVault.

Features and Benefits
  • Long-term electronic data storage of all eCredit Complete produced compliance documents and credit reports
  • Stored documents are accessible to authorized users whenever needed without request, email, or contact with Credit Bureau Connection
  • The eVault comes standard with Credit Bureau Connection’s all inclusive compliance tools
  • Designed to eliminate the need for off-site storage of credit, compliance, and various deal documents

You’re Invited to Discover eQualify OnlineYou’re Invited to Discover eQualify Online

You’re Invited to Discover
CBC’s eQualify Online

You are invited to a no obligation webinar introducing you to CBC’s eQualify Online.  Learn what all the buzz is about.  We know you’ve been wondering:

  • What is a soft pull?
  • What applicant information is required?
  • What is the difference between all the “soft pulls” in the industry?
  • What is the purpose of prequalifying customers?
  • How does prequalification fit into the sales process?
  • and more…

You will learn:

  • How to effectively use soft pulls
  • How to get started
  • Who is a good fit for a soft pull prequalification
  • What you need to know to be compliant
  • and more…

Don’t miss out on this extremely valuable information.  Stay tuned for information on up-coming informational webinars.

Webinar (8/8/17) 10 AM PT

Register for Webinar below.

 

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CBC ANNOUNCES MODERNIZED AUTO FINANCING BY PREQUALIFING BUYERS WITH “NO CREDIT SCORE IMPACT”CBC ANNOUNCES MODERNIZED AUTO FINANCING BY PREQUALIFING BUYERS WITH “NO CREDIT SCORE IMPACT”

eQualify Online” allows dealers to receive “soft pull” current credit data in a completely compliant process, with no impact on the applicant’s credit score.

Credit Bureau Connection (CBC), the leader in credit reports and compliance solutions, today released the company’s latest innovation to the automotive industry, eQualify Online. This powerful process allows consumers to initiate and submit a prequalification application through the dealer’s website, or in person (without requiring a SSN or DOB). This allows dealers to provide real-time finance options to prequalified applicants based on their actual credit score. This “soft inquiry” request does not impact the applicant’s credit score. 

“Today’s car buyers are much more aware of how an inquiry can affect their credit score.” said Mike Green, CEO of CBC. “This industry changing prequalification process allows dealers to give back a sense of control to consumers while dealers gather the vital information needed to structure a deal; and that’s a win/win for everyone.”Using eQualify Online before or during the qualifying stage of a deal makes sense over pre-screening and traditional “hard inquiry” solutions in that it simplifies the compliance requirements and provides a higher level of transparency and awareness.eQualify Online provides proper disclosures to applicants and immediately stores electronic copies in CBC’s proprietary eVault, providing a compliance audit trail for both buyer and dealer. In addition, prequalification “soft inquiry” credit data has a lower total cost than currently offered pre-screening tools.

“Imagine applicants receiving notice in real-time, YOU’RE PREQUALIFIED! This is an industry game changer,” added Green. “With this first of its kind prequalification process, dealers have a greater opportunity to build trust and sell more cars, two things that are always a premium in the auto industry.

eQualify Online delivers current credit data and scores, allowing dealers to match applicants with finance options that meet their credit profile, before requesting a traditional credit report. This, in turn, increases approval rates to near 100% once the finance application is submitted.