has announced that the LexisNexis RiskView Liens & Judgments Report
is now available within its portfolio of lending support solutions. Developed by data and analytics company LexisNexis Risk Solutions
, the RiskView Liens & Judgments Report enables mortgage lenders to continue to leverage liens and judgments data in credit reporting for a more complete profile of consumer lending risk.
As of July 1, the three Nationwide Credit Reporting Agencies (NCRAs)–Equifax, TransUnion and Experian–began removing approximately 50 percent of liens data and 96 percent of judgments data from credit reports. Without the liens and judgments data in their reports, lenders could potentially obtain an incomplete risk profile.
Further, without liens and civil judgments data readily available in credit reports from the onset, lenders could identify these items significantly later in the loan process, such as in a title search. If a lien or judgment is found, it can cause a closing delay or complete fallout, which not only disrupts the loan process, but also negatively impacts the consumer experience.
To fill this gap, CBCInnovis has aligned with LexisNexis Risk Solutions to ensure its customers can access liens and judgments data from the first step of origination. Already integrated within CBCInnovis’ credit reporting solutions, the RiskView Liens & Judgments Report uses LexisNexis Risk Solutions’ Scalable Automated Linking Technology (SALT), big data processing technology, and extensive and diverse data sources to collect the data and link it to the consumer with greater than 99-percent reliability. LexisNexis Risk Solutions has also revised its public record gathering processes to help ensure that it is providing comprehensive, current and correct data to lenders.
“One of our core objectives at CBCInnovis is to help lenders better identify and assess risk,” Ken Viviano, Senior Vice President of CBCInnovis, said, “The RiskView Liens & Judgments Report addresses the recent actions of the NCRAs to remove this data from credit reports and fits seamlessly into our suite of products. It will enable our customers to continue to access vital liens and judgments data and begin to resolve risk issues early in the loan process. They can be confident in their ultimate lending decisions because the data is backed by LexisNexis Risk Solutions’ industry-leading linking technology.”