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CashNetUSA Selects DataX as a Provider of Real Time Transaction Based Credit Reporting - DataX will collect and provide real time, transaction based credit information on borrowers seeking micro-loans and other specialty finance services [NYSE
CashNetUSA Selects DataX as a Provider of Real Time Transaction Based Credit Reporting

 

PRZOOM - /newswire/ - Las Vegas, NV, United States, 2008/11/20 - DataX will collect and provide real time, transaction based credit information on borrowers seeking micro-loans and other specialty finance services [NYSE "CSH"].

   
 
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DataX Ltd, a leading online provider of credit reporting and data services today announced that CashNetUSA — one of the world’s leading online cash advance lenders — has selected the DataX Credit Reporting Agency as a provider of non-traditional credit data. DataX will collect and provide credit information to CashNetUSA on borrowers seeking micro-loans and other specialty finance services.

Developed specifically for underserved markets not supported by traditional credit bureaus, DataX's consumer credit reporting service is the first micro-loan reporting agency compliant with the Fair Credit Reporting Act, or FCRA, a federal law regulating the collection, dissemination and use of consumer credit information.

“Using the consumer’s borrowing-and-payment history that DataX provides, we have access to additional data that can be used to refine our underwriting and decisioning systems. This data will allow us to continue focusing on fair and equitable lending practices for online borrowers. Also, as part of our product enhancement program, our reporting of customers’ performance data to DataX should help build a positive credit history for CashNetUSA customers. It’s a win-win situation for everyone,” CashNetUSA President Timothy Ho said.

Selling Source CEO Derek LaFavor agrees. “By collecting and publishing this data — that has been largely ignored by mainstream lenders — with the highest levels of security, quality and detail, we are setting a new standard for the industry. Using detailed consumer loan payment information for Transaction Based Decisioning™, we have created a system that builds a fair and consistent service for consumers requiring these loans while building a positive credit history and a stepping stone to prime-rate lending,” LaFavor said.

DataX reports contain an unprecedented level of quality and detail that includes number of short-term credit inquiries, names of online lenders that have been approached, up-to-the-minute late charges, payment history and all open loans.

DataX's database collects and provides information about those consumers who use online or storefront payday lenders and installment loan providers to meet their needs for short-term financing. DataX enhances its credit reporting service with real-time data verification services for lenders by aggregating vital consumer information from public and proprietary databases. This allows lenders to identify positively the online borrower, thus reducing fraud and bad debt caused by the explosion of identity theft in the United States. DataX's verification service is fully compliant with Office of Foreign Assets Control, or OFAC, standards.

About CashNetUSA

CashNetUSA is a leading provider of online cash advance loans and is a subsidiary of Cash America International Inc. (NYSE "CSH") a publicly traded company serving the needs of the underbanked segment of the population. Cash America is the market leader in secured non-recourse lending to individuals, and provides other financial services through its network of lending locations and subsidiary companies. As part of the Cash America family of companies, CashNetUSA offers the security and trustworthiness you are seeking from a payday loan provider.

About DataX, Ltd

DataX, Ltd (dataxltd.com), a Selling Source, LLC company, provides credit reporting and real-time consumer data verification and authentication services to the specialty finance market. DataX employs a proprietary solution to verify, correct and enhance Web-form data in seconds, and operates a comprehensive FCRA-compliant consumer credit reporting agency. Only DataX’s CRA has Transaction Based Decisioning™, a unique feature allowing lenders see each consumer’s daily funding and detailed payment activities in near real-time to reduce defaults by predicting loan performance.

About Selling Source, LLC

Selling Source, LLC (sellingsource.com), named number 68 on the 2008 Inc. 500 list, up from number 109 in 2007, offers specialty finance lenders an end-to-end solution to acquire, fund, underwrite and retain customers while increasing their overall lifetime value. Selling Source alone provides online lenders a single-source platform throughout the micro-loan life-cycle with turn-key consumer acquisition-and-communication services as well as lender, data, payment-processing and infrastructure solutions, including co-location and disaster-recovery hot sites. London Bay Capital, a private equity firm based in San Francisco, acquired a controlling interest in Selling Source in December 2007.

 
 
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CashNetUSA Selects DataX as a Provider of Real Time Transaction Based Credit Reporting

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