and Factual Data
have both announced their alignment with data and analytics company LexisNexis Risk Solutions
to offer the LexisNexis RiskView Liens & Judgments Report. This new FCRA product enables lenders to fill the gap left behind when the National Credit Reporting Agencies cease offering access to most liens and judgment data in two months.
“CBCInnovis recognized our customers’ need to address the imminent information gap that will be created in the marketplace with this change,” said Ken Viviano, senior vice president of CBCInnovis. “Subsequently, we proactively aligned with industry leader LexisNexis in seeking a solution to fill that void. As a result, CBCInnovis is pleased to deliver our customers a FCRA product that will be fully integrated into their current credit report format, to more completely assess consumer credit worthiness.”
LexisNexis Risk Solutions has observed that borrowers who have a judgment or tax lien are 5 ½ times more likely to end up in pre-foreclosure or foreclosure, as compared to borrowers who don’t have judgments and tax liens, making this information vital for lenders. According to Lexis Risk Solutions, this new RiskView Liens & Judgments Report delivers technology advancements that bolster the reliability of lien and civil judgment content, with greater than 99 percent reliability and full compliance with Fair Credit Reporting Act regulations.
“Aligning with industry leader LexisNexis was critical in our efforts to addressing this impending information gap for our customers,” said Jay Giesen, senior vice president of Factual Data. “Factual Data is proud to provide to our customers a FCRA product that will be fully integrated into their current credit report format, helping them to continue to thoroughly assess consumer credit worthiness.”
Tim Coyle, senior director of Real Estate and Mortgage at LexisNexis Risk Solutions, said, “The report will assist a lender’s ability to assess an applicant’s ability to pay, minimize related closing delays and comply with investor requirements. Both Factual Data and CBCInnovis’ extensive integrations with customers and leading industry platforms will make it simple for customers to adapt and protect themselves from the upcoming credit report content change.”