Liens and Judgements to stop reporting on credit files has much of the mortgage and tenant industry wondering. There may be a potential gap in the information that is being reported this coming July 2017 and beyond. We understand that you need to have peace of mind knowing if the mortgage client (your borrower) will still qualify if they have an outstanding lien or judgment that you need to know about.
The interesting thing about this credit bureau decision is that only about 9% of consumers have a lien or judgment reporting on their credit report. We find this statistic interesting, in that some of the industry folks believe this number to be much higher. We have received recent studies from both Equifax and Trans Union that show this percentage to be very accurate.
The great thing is, Alliance 2020 is one step ahead and we are ready to deliver a product that will satisfy your needs and give you that peace of mind we are talking about. We have identified a product that will deliver results to you on the borrower you are working with. The product that is delivering this data is FCRA compliant.
- On May 23, 2017