LOVELAND, CO (May 25, 2017) – Factual Data, a leading provider of credit and verification 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 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.
“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, 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.”
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 LexisNexis 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.
“Factual Data 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. Factual Data’s 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 Factual Data in July. For more information on this and other services, please contact Factual Data at:
About Factual Data
Factual Data is a trusted provider of credit, risk mitigation, flood, and verification services to the mortgage industry. Leveraging innovative technology and deep industry experience, Factual Data simplifies the mortgage lending process for its customers and their borrowers. For information, please call 800-275-3389 or visit www.factualdata.com.
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