Significant changes are forthcoming as part of the repositories' National Consumer Assistance Plan
. The greatest impact will come from the lack of PII (mainly Social Security numbers) resulting in the exclusion of most civil judgment and tax lien records.
It is estimated that 50% of tax liens and almost all (95%+) of civil judgments’ are being removed from credit bureau files. The removal of these negative items will result in an increase in the FICO scores of impacted consumers.
Early analysis reveals the following:
- We anticipate no change to bankruptcy public record data.
- We anticipate significant change to civil judgment public record data as preliminary analysis shows approximately 96% of this data may not meet the enhanced PII requirements. It is very likely that civil judgment public record data will not be part of the CRAs’ core consumer credit database after the effective date.
- We anticipate significant change to tax lien public record data as preliminary analysis shows that as much as 50% of this data may not meet the enhanced PII requirements. Data changes and impacts associated with the enhanced collection frequency requirements are still being investigated and analyzed with the CRAs, the public record vendor and data sources.
- The effective date of these public record changes is planned for no later than July 1, 2017.
A solution for replacing the missing public record data
We have entered into an agreement with LexisNexis®
to replace the removed public record data using the LexisNexus® Riskview™
product. Public record data can be automatically appended to the credit report; or can be ordered anytime as a stand-alone report. The formatting will closely resemble existing data so little additional training will be required. Also attached is the LexisNexis addendum required to activate service.
Pricing is $2.50 Individual report / $5.00 joint report. For those using an all-inclusive TRID pricing model. The resulting RMS price is $3.75 per report assuring the costs are the same regardless of the number of applicants on a given loan.
RiskView will launch the week of 6/19 to allow testing prior to the removal of repository public record data scheduled to occur no sooner than 7/1. At your convenience, please complete and return the LexisNexis addendum
which is available here allowing us to activate service.