In July, liens and judgments data will no longer be included in traditional credit reports; DataVerify will provide this product within their system as provided by credit reporting agencies CBCInnovis and Factual Data
DataVerify, a leading provider of data verification, risk mitigation, and data aggregation, announced today its integration and access to the LexisNexis® RiskView™ Liens & Judgments Report as provided by CBCInnovis and Factual Data. This new 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 July.
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.
DataVerify has been providing a Gramm-Leach-Bliley Act (GLB Act or GLBA) compliant liens and judgments report for years for fraud detection and misrepresentation. The LexisNexis RiskView Liens & Judgments Report is a Fair Credit Reporting Act (FCRA) product and can be used for credit underwriting. “Providing our customers with options and platform flexibility has been a hallmark of the DataVerify system,” explained Brad Bogel, senior vice president, DataVerify.
The DataVerify system uniquely cross references data across its numerous data sources to identify variances and risk to improve processing efficiency and consistency in the underwriting and loan review process. All of the DataVerify report information is available in data format to be consumed by point of sale and loan origination and processing systems. Aggregating customer required data sources within the DataVerify system, analyzing this data and providing alerts of interest to our customers greatly automates and enhances the entire loan review process.
DataVerify is the premier provider of risk mitigation, data validation, and decision management solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506T, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.
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.