As of September 1st, 2010, MicroBilt Corporation is the new home of CL Verify (formerly a subsidiary of DP Bureau). CL Verify is a real time credit bureau used by many payday lenders. If you’ve ever taken out a payday loan, chances are there’s a record about you in their database.
According to their press release, the two companies merged under the MicroBilt Corporation name. They offer identity verification and payday loan history report services to online payday loan companies. When you apply for a loan, the lender may check your record at CL Verify, Teletrack or both.
According to the MicroBilt website:
CL Verify provides access to over 3 billion debit account records, nearly 30 billion pieces of demographic and public record data and nearly 100 million unique consumer records to prevent identity fraud, evaluate credit risk and retain customer relationships.
For more information:
MicroBilt Website: MicroBilt Corporation
CL Verify Consumer Report: MicroBilt’s Contact Us Page (Download the PDF file and mail it to them.)
Note: The URL “http://www.CLVerify.com/” now redirects to MicroBilt’s website.
Payday lenders do not report to the major credit reporting agencies so payday loans will not help build your credit rating (but they can harm it). See Credit Rating for details.
Also keep in mind that your payday loan application history is tracked, becomes a part of your permanent record and multiple applications may make it more difficult to get future loans. For this reason, shop around carefully and only apply when you qualify.