COLUMBUS, OH (May 25, 2017) – CBCInnovis, a leading provider of credit reporting and data validation services to the mortgage lending industry, announced today its 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.
Once the three Nationwide Credit Reporting Agencies implement this change, approximately 50 percent of tax liens data and 96 percent of civil judgments data will be removed from their credit reports. This change has created an environment of uncertainty for mortgage lenders, who have relied on this data for more than two decades to evaluate consumer home loan applications.
“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, 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.
“CBCInnovis approached us early in our development effort and recognized the importance of liens and judgments data for their customers,” said Tim Coyle, senior director, real estate and mortgage at LexisNexis Risk Solutions. “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. 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.”
The report will be available from CBCInnovis in July. For more information on this and other services, please contact CBCInnovis at:
CBCInnovis offers a diverse portfolio of products and services for today’s complex lending environment. Our solutions include: prequalification, origination, & post close credit reporting products; identity, income and employment verification; fraud and risk mitigation platform and products; flood determinations, property appraisal valuations, and closing services.
About LexisNexis® Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexisrisk.com.
Jean Creech Avent
Director, Media and Analyst Relations