What is eClear Credit Risk Report and Alternative Credit Data?

An enhanced consumer assessment will allow BHPH, independent dealers and lenders to recognize potential risk prior to contracting a high-risk payer.

CBC's eClear Credit Risk Report uses "alternative data" designed for buy-here-pay-here dealers and automotive lenders in the sub-prime space. Alternative data is essentially any data that doesn’t match traditional financial data.

Today, there are roughly 53 million people without a reliable FICO® score who are creditworthy and desirable customers. Traditional credit reports when supplemented with alternative data can make it easier for lenders to extend credit to these individuals with confidence.

How Alternative Data is Used

Alternative Data has been widely adopted when it comes to the following
  • Payday loans
  • Rental payments
  • Utility companies
  • Student loans
  • Public records
  • Title loans
  • Drivers licenses
  • Secured/unsecured loans
  • Unique social security numbers
  • Short-term installment loans

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