Pleasant Grove, UT (June 16th, 2019) – For Immediate Release – Alchemy Technology, Inc., industry-leading lending as a service organization today announce the full integration with Clarity Services, now a part of Experian.
The new-to-credit and subprime lending space is maturing for the past decade and Clarity Services has been on the forefront of working with banks, lenders and financial services organization across the credit spectrum. Recently, Clarity Services was purchased by Experian, one of the premier credit reporting agencies in the United States.
Since the Experian and Clarity’s partnership is announced, newer analytical tools both in credit risk and fraud risk have been co-developed by their data scientists to further strengthen their offerings into the new-to-credit, alternative credit and subprime lending space.
We are pleased to work with Clarity Services to add additional analytical toolsets to our customers in point of sale, student lending and home improvement verticals. The newly developed Clarity Credit Risk Score, Clarity Fraud Insight Scores will be made available for existing and new clients of Alchemy. Our early validation of the newly released Clarity Risk Score has shown tremendous coverage and lift over their previous offer.
The Alchemy and Clarity partnership will deliver these core credit products to an even larger audience.
Credit Risk Management
Often, credit risk and underwriting is an afterthought for FinTech and Banks when they are launching a new credit product. Sometimes, it’s due to the complexity of integration and most of the time its lack of data scientist resources that delay these decisions.
Alchemy made it easier by offering out of the box integration along with analytical support to help our clients to plug in various credit and debit bureaus in the right places to increase approval rate and decrease default rates. Our clients leverage our “Lending as a Service” offering by leverage our technology and analytics to help them improve their acquisition and loan performance.
FinTechs and Bank can now implement their product and their underwriting decisions at the same time to improve their speed to market. Our Clarity Services partnership will make our clients time-to-market even faster.
20% of the United States’ population can be characteristics as New-to-Credit or Subprime. The student population, for example, is often misclassified as subprime, but in fact, they are New-to-Credit and it requires a different type of credit bureau such as Clarity Services to truely understand this population’s creditworthiness.
The immigrant population is also often, misclassified as subprime but in fact, they are on their way to build their credit. Sometimes, it may take up to 5 years and multiple tradelines for FICO and Vantage credit scores to catch on. Clarity Services is one of the places where there might be records of this population that has been using credit products that typically are not reported to traditional credit bureaus.
The underbanked population is another marginalized group that has a decent income but never had the experience of using a credit of financial products. Post-Mellinanls, Generation Zs, folks that are in their early 20s may not have any traditional tradelines within traditional credit bureaus. They are using cash apps to borrow, live and transact. Alternative bureaus such as Clarity and others are the place for FinTech companies to look for some evidence to use in their underwriting process.
Building Alchemy Credit Tool Set
We are constantly working with Credit Bureaus, Data Vendors to enable their products within our Alchemy eco-system. We are all about choices and offerings to our clients. Relationships such as the one we have with Clarity is a win-win situation for our clients. We hide all the complexity of integration behind the scence and allowing our clients to focus on acquisition marketing.
The Alchemy and Clarity partnership is another step towards making technology available for traditional banks, community banks, finance companies, and upstart FinTechs to compete in today’s market. Our goal is to make “Tech” in FinTech available to everyone.
A History of Innovation
We are constantly evaluating the best set of tools to integrate with Alchemy Lending Operating System. Whether it is third party databases or other algorithmic-based companies, we constantly looking in ways to help our clients to solve the most difficult issues at hand.
If you are interested in building new and innovative solutions with us, please send me an email or email email@example.com. We would love to speak with you.
Our singular vision is to enable the next generation of FinTech evolution with domain knowledge, technology, artificial neural network algorithm, and compliance-driven serving call center to deliver the best product experience for our clients, their partners and ultimately consumers.
About Alchemy Technology, Inc.
Alchemy Technology Inc. is industry-first lending as a service company offering our of the box technology, algorithms and servicing to launch FinTech products for FinTech startups, specialty financing companies and Banks alike. Our vertical workflow specializes in Student Lending and Home Improvement spaces. Our technology offering includes website / mobile app, loan origination system, decision engine, loan management system, payment gateways, and secondary market access.
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