has announced a supplemental addendum to its suite of Funding Suite Credit Report offerings that provides the liens and civil judgments data that is no longer permitted in nationwide credit reporting agencies' credit reports. The supplemental lien and judgment report is available either as a standalone service or as an add-on to the credit report.
Liens and judgments information began being removed from credit reports in July 2017 following a ruling in a civil action suit that caused the majority of U.S. states to prohibit the information. Research presented in the civil case showed how this factor has negatively affected credit scores–sometimes wrongly–by up to 100 points.
However, while the reform, part of a National Consumer Assistance Plan, protects consumers from erroneous changes to their scores, liens and civil judgment records remain vital indicators of creditworthiness and the loss of them has increased lender exposure to risk.
Chronos Solutions now offers this information in a separate supplement ordered independently or in conjunction with its Funding Suite Credit Reports. Now, without any connection to the consumer's credit scores, lenders–without having to research it manually–have access to the data they need to make a solid decision.