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.