Zoot and Clarity Parntership Integrates Decisioning and Data to Enhance Prescreen
More than 150 million non-traditional consumer data elements improve credit decisions
April 27, 2011
Zoot, a leading provider of advanced instant credit decisioning and loan origination solutions, announced its partnership with Clarity at the 23rd Annual Card Forum & Expo. Clarity’s data, in conjunction with Zoot’s decisioning infrastructure dramatically enhances the effectiveness of the traditional prescreen process.
Clarity Services, Inc. is a leading Consumer Reporting Agency that provides customer information not readily available to financial institutions (FIs) through traditional credit bureaus.
Clarity focuses on data reporting for underbanked and subprime consumers. Because underbanked and subprime consumers have minimal recorded data, assessing their creditworthiness proves to be a challenge for FIs. Clarity’s unique data is a perfect complement to traditionally available data.
“We’re pleased to have added Clarity to the vendors whose FCRA-compliant data can be used in Zoot’s multi-bureau prescreen-of-one solution. Clarity data provides increased visibility in all aspects of the customer life cycle, from origination, account management all the way through to collections and is especially powerful to make more informed decisions to improve the effectiveness of the entire instant prescreen process,” said Tom Johnson, vice president of product development for Zoot Enterprises.
Zoot’s zAcquire℠ instant prescreen decisioningsolution gives financial institutions the flexibility to comply with new regulations, improve credit risk evaluation, and enhance the customer experience. The solution integrates easily with other technology capabilities including offer repositories, propensity scoring and cross-sell. zAcquire has the ability to bring alternative credit data sources, such as Clarity, into the decisioning process to provide a more comprehensive evaluation of consumers. This strengthens the underwriting process and helps segment customers for marketing campaigns.
“Clarity is proud to be partnered with a world class organization like Zoot. We believe that the addition of Clarity’s unique data elements in the zAcquire pre-screen process will greatly enhance an institution’s ability to make more informed decisions on a large segment of the eligible population,” said Tim Ranney, president of Clarity Services. “Due to the volatile economy, the movement of consumers up and down the credit scale has caused organizations to include Clarity’s 150 million data elements to better evaluate decisions,” Ranney said.
Zoot has agency agreements with eight partners that enable the company to use their FCRA data in instant prescreen decisions, as well as dozens of other data providers that can be used for a variety of purposes such as fraud, identification and demographic. More complete background data, when employed in a prescreen environment provides more accurate, predictive and cost effective credit decisions. Lenders are able to grant credit to a greater number of consumers, without changing their risk tolerance and gain insight regarding the most appropriate product to offer. Additional data allows lenders to lower their screening costs by ruling out certain credit applicants sooner in the process.
Zoot and Clarity executives will be available to discuss the benefits of their partnership at booth number 122 at the 23rd Annual Card Forum & Expo, April 27-29, 2011, in Miami, Fla.
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About Zoot
Bozeman, Mont.-based Zoot Enterprises, Inc. provides comprehensive credit decisioning, loan origination and credit risk management solutions to enable clients’ unique business objectives, leading to long-term relationships with top U.S. banks. Zoot’s rapid, high-volume processing environment has the capacity to process billions of transactions per year. Visit http://www.zootweb.com or call 406.556.7555 for more information. Zoot thought leaders are now featured on http://www.zootweb.com/blog/.
About Clarity
Headquartered in Clearwater Florida, Clarity Services, Inc. is a Consumer Reporting Agency that provides information to lenders and develops efficient and effective data reporting products to help businesses reduce high-risk lending. Clarity focuses on data reporting for under-banked and near prime consumers. Because under-banked and near prime consumers have minimal recorded data, assessing their creditworthiness proves to be a challenge for lending institutions.
