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Elevate doesn’t detail the exact metrics it uses to assess consumers, but says it uses data from the National Consumer Reporting Association for “prime-ish” customers and data from Clarity and Teletrak, non-prime credit bureaus for the second tier. For those with no credit history, Elevate uses data including how long the consumer has used the same phone number or email address.
The company says using more documentation to evaluate creditworthiness would just slow them down.
“If Elevate products were required to receive and review additional documentation from consumers such as bank statements, photo identification or pay stubs, this added inconvenience may result in lower consumer applications and loans, which would adversely affect our growth,” the company says in its prospectus.
The company also stated in its filing, “Where applicable, we seek to comply with” laws and regulations.
"We may not always have been, and may not always be, in compliance with these laws. Compliance with these laws is also costly, time-consuming and limits our operational flexibility,” the company said in its prospectus.