This post makes perfect sense as to what is happening withCL Verify and their Loan Reporting. I am a lender who recently decided to do myown investigation in the reports I was receiving from CLVerify. According toKim Anderson of CL Verify, "71% of all lenders are reporting", and"soon we'll be 100%". He is wrong. This is very inaccurate. Anyone looking at CL Verify's PDA report can see forthemselves.in a random sample, over thepast 30 days, there were between 60 and 70 lenders pulling reports. However, when you look at recently reportedloans, the count of creditors reporting any loans at all is 15. And to top it off, the lenders that arereporting are the smaller, lower volume lenders. So CL Verify is getting very little datacontribution, despite the fact that they are telling lenders the contrary.in addition, It also appears that they are plagued withinaccurate reporting. There seems tocontinue to be a percentage of the newly reported loans that never have anypayment updates applied. So the loans show as open and current forever. Any lender trying to evaluate the number ofcurrent loans a consumer has cannot do it with CL Verify data. As I analyzedthe reports I found that I was denying a potentially good client becauseCLVerify showed an open loan as far back as 2005 with no updated loan reportingon the client. They are doing lenders a great deal of harm and charging forthis service to boot! Now CLVerify is actually threatening to turn off clients tothe PDA report if they dont report. They did me a favor in turning me off. Isaved my money, got more leads and I am no longer making decisions on baddata!!
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