The Facts Behind an Underserved Market: Why Alternative Financing Matters
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Without the enhanced visibility of alternative credit data, millions of consumers would be without a financial history and largely left behind. Whether unbanked or underbanked, thin file or no file, or nonprime or subprime, the loan transactions of underserved consumers that would otherwise go unnoticed are recorded and used to improve credit options, thanks to the unique data collection and analysis of Clarity Services, a part of Experian.
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The Facts Behind an Underserved Market: Why Alternative Financing Matters
- 1. Empowering lenders with visibility into an underserved consumer segment
- 2. 67 Million Adults Are unbanked or underbanked The Underserved Consumer: 67 Million Adults Are unbanked or underbanked The Underserved Consumer:
- 3. The Underserved Consumer: 44% of Americans Cannot cover an emergency expense of $400 The Underserved Consumer: 44% of Americans Cannot cover an emergency expense of $400
- 4. The Underserved Consumer: When consumers don’t qualify for traditional credit, they turn to alternative finance options. The Underserved Consumer: When consumers don’t qualify for traditional credit, they turn to alternative finance options.
- 5. 150 Million Loan Transactions That do not appear on traditional credit reports There are approximately
- 6. Clarity, a part of Experian, provides traditional and alternative data for a comprehensive view of the full credit spectrum. That’s where we come in.
- 7. Arming lenders with the best information possible Limit losses due to fraud Manage credit risk Expand customer universe Portfolio management Arming lenders with the best information possible Limit losses due to fraud Manage credit risk Expand customer universe Portfolio management Arming lenders with the best information possible Limit losses due to fraud Manage credit risk Expand customer universe Portfolio management
- 8. Limit fraud losses The industry’s most effective fraud products and scores predict the likelihood of first payment default and other delinquencies.
- 9. Manage credit risk Clarity’s vast and exclusive credit data forms the foundation for sound underwriting decisions.
- 10. Expand customer universe Reach more consumers without additional risk with comprehensive subprime consumer data.
- 11. Portfolio management Unparalleled portfolio management tools protect your business even after the loan is approved.
- 12. Clarity provides the real-time data, knowledge and technical support to streamline any lender’s origination process.Clarity provides the real-time data, knowledge and technical support to streamline any lender’s origination process.
- 13. Consumer Inclusion Clarity data expands consumer credit opportunities by helping lenders evaluate them.
- 14. Powering opportunities and helping to create a better tomorrow Powering opportunities and helping to create a better tomorrow