Experian Provides Clarity Services with Identity Verification and Fraud Detection Capabilities for the Subprime Market
COSTA MESA, Calif., Feb. 8, 2012 /PRNewswire/ — Experian® today announced that it has provided Clarity Services, a provider of thin-file and underbanked consumer data reporting, with custom analytics via Experian’s Precise ID(SM) platform to help the company further penetrate the subprime market with its new Clear Subprime ID Fraud(TM) solution.
Clear Subprime ID Fraud(TM) is an identity fraud product specifically designed for the subprime market. It provides powerful identity verification elements and a custom Clarity Fraud Score(TM) derived from a combination of Clarity credit reporting and Experian’s authentication and fraud detection services.
“Through our work with Clarity Services, we see a strategic opportunity to expand the reach of our proven Precise ID platform and custom analytics, in addition to leveraging our joint assets and expertise to solve today’s most challenging fraud problems in the online subprime market,” said Jon Jones, senior vice president of Fraud and Identity Solutions for Experian Decision Analytics. “Precise ID already provides leading organizations with the most complete and accurate view of a consumer’s identity so they can make the right decisions at any point across the customer or account life cycle.”
The new custom score and report address a variety of challenges faced in the subprime industry:
- Detection of those consumers most likely to use their own real identity, or some version of it, to commit fraud in the application process
- Identification and return of the correct Social Security number for a consumer
- Verification if incorrect Social Security numbers on an application are related to a harmless data-entry error or a fraudulent attempt to obfuscate an identity
- Categorization of different fraud types to aid in the manual review process
- Identification of multiple Social Security numbers, cell phones, addresses, emails and employer phone numbers associated with a specific bank account
“We are excited to work with Experian’s fraud and identity solutions team on this product,” said Tim Ranney, president and founder of Clarity Services. “Since we announced our new Subprime ID Fraud Score in October — and after running more than a million reports — customers are experiencing a 4 percent to 5 percent drop in credit default rates while also seeing an increase in the acceptance rate for good customers.”
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
With over 20 million unique Social Security Numbers, Clarity Services provides powerful reporting products on under banked, subprime, thin file consumers with real-time consumer data to facilitate fraud detection, risk management and more. A series of fully customizable configurations help businesses make educated decision choices to meet individual business needs and help reduce investment losses.
For more information on Clarity’s robust reporting solutions, please visit: www.clarityservices.com
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
Experian Public Relations
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