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CashNetUSA Selects DataX as a Provider of Real Time, Transaction Based Credit Reporting
(Marketwire Via Acquire Media NewsEdge) LAS VEGAS, NV, November 20 / MARKET WIRE/ --
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(TM), 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. For more information, visit www.cashnetusa.com.
About DataX, Ltd.
DataX, Ltd., 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(TM),
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. For more information, go to
http://www.dataxltd.com.
About Selling Source, LLC
Selling Source, LLC, 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. For more information, please visit
http://www.sellingsource.com/.
Contact:
Ron Kalb
Selling Source, LLC
Phone: 702-851-9528
Mobile: 702-498-8916Email Contact
325 E. Warm Springs Road, Suite 215
Las Vegas, NV 89119http://www.dataxltd.com.http://www.sellingsource.com
Copyright ? 2008 Marketwire
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