ATLANTA, Ga. – LexisNexis® Risk Solutions, a part of RELX Group, announced today the availability of LexisNexis® RiskView™ Liens & Judgments Report, which provides credit lenders and collectors with detailed, highly reliable data for making credit and collections decisions. The new, robust data report, which relies on LexisNexis Risk Solutions proprietary Advanced Linking Technology, comes in advance of the credit bureaus ceasing to offer most liens and judgment data as of July, 2017, part of the settlement between the Nationwide Credit Reporting Agencies (NCRA) and over 30 state Attorneys General. This solution serves as an addition to an existing suite of lien and judgment solutions currently offered by the company for the collections industry.
“In receivables management, with billions of dollars in consumer loans in various stages of delinquency, at any given time, identifying liens and judgments is of paramount importance,” said Sean Britt, senior director, collections and investigations at LexisNexis Risk Solutions. “In the face of the coming uncertainty, our liens and judgments solutions offer collectors complete data, saving time and money.”
July 1, the three NCRA companies will eliminate approximately 50 percent of tax liens public record data and 96 percent of civil judgments record data from their credit reports. While this is intended to make credit reporting more accurate, it has created the potential for more uncertainty for collectors when evaluating consumer indebtedness to optimize liquidation rates and profitability.
LexisNexis Risk Solutions has found that approximately 11 percent of U.S. consumers have a tax lien or civil judgment on file. A consumer who has a lien or civil judgment removed from their credit file experiences an average increase of 10 points to their credit score. These consumers are also twice as likely to default on a loan. These stats focus on credit decisioning, but it’s easy to see how the change also will affect how consumers are evaluated for willingness and ability to pay their debts and for consideration for legal recourse.
With this approaching change to credit bureau reporting, the collections industry must be prepared to adjust. Collectors, such as debt buyers and collections agencies, rely on liens and judgments information to power their collections scores and to inform their treatment of and suit-filing decisions. Having accurate data streamlines collections processes and improves profitability and rates of success for the collectors.
The LexisNexis® RiskView™ Liens & Judgments Report and the other offered liens and judgments solutions, available now, address those issues, and the risks they pose to collectors, head on.
All LexisNexis® liens and judgments solutions deliver technology advancements that bolster the reliability and currency of lien and civil judgment content. With this information, collectors can reliably determine the count of liens and judgments on file, the type, the dollar amount of tax liens, and more, including specific details for each lien and judgment included in the report. Using the industry-leading LexID® identity linking technology, collectors and consumers can be confident that LexisNexis Risk Solutions links the right person to the right record.
The LexisNexis® RiskView™ Liens & Judgments Report expands on the success of the core LexisNexis® Risk Solutions product suite. While liens and judgments had long been included as part of our offering, this new offering is specifically tailored to provide the data that credit bureaus will soon exclude. With over 45 billion total records, which are continually refreshed from over 13,000 different sources, LexisNexis Risk Solutions' propriety method of linking data is 99 percent reliable.
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.lexisnexis.com/risk/.