In order to give lenders a more complete picture of borrower ability-to-pay before loans go to underwriting, FormFree, a provider of asset verification solutions to the mortgage industry, is integrating liens and civil judgments data from LexisNexis Risk Solutions with its AccountChek platform.
The resulting product, called AccountChek Plus, is in response to the recent decision by the three major credit bureaus to eliminate most lien and civil judgment data in their reporting. It includes the LexisNexis RiskView Liens & Judgments Report.
The report, which is Fair Credit Reporting Act (FCRA) compliant, employs industry-leading technology and hundreds of the most current data points available to ensure more than 99% precision in linking debts with the correct consumer, FormFree claims.
“Lenders rely on liens and judgments data to limit their risk exposure and meet investor guidelines,” says Brent Chandler, CEO of FormFree. “We are impressed with the exceptional reliability of LexisNexis RiskView report and believe lenders will find added value in accessing liens and judgments data early in the application process and bundled with a standardized asset report.”