Gain instant access to background information that provides you a complete picture of your client’s financial history. With a Preferred or Premium Bankruptcy Credit Report from CIN Legal Data Services, you will not only get access to creditor liabilities but also to prior bankruptcies, civil judgments and tax liens. This additional data is powered by LexisNexis Risk Solutions, the industry leader in public records.
In July 2017, Equifax, TransUnion and Experian reduced the amount of civil judgments and tax liens data that they reported. By the bureaus’ own estimate, more than 96% of civil judgments and 50% of tax liens stopped being reported with this change 1.
“Nearly all judgments will be removed and about half of tax liens will be removed from credit reports as a result of the changed approach. LexisNexis will continue to offer the data directly to lenders [CIN Legal Data Services]2.”
Ankush Tewari | Senior Director of Credit-Risk Assessment | LexisNexis
The bureaus will only report this information if the person can be absolutely identified by three pieces of personal data (name, address, social security or date of birth). Acquiring this additional public information can be tedious and subscriptions to data services are expensive.
According to TransUnion in 2018, “Since then, our ongoing review and monitoring of tax lien data transmitted by our third party vendor has led us to decide to cease reporting tax lien data and to remove all remaining tax liens from our consumer credit reporting database1.”
Preferred and Premium Bankruptcy Credit Reports have always reported this information. CIN Legal integrates LexisNexis data to deliver a comprehensive profile of your client’s credit history. This saves your firm time by reducing the amount of additional research and data input you need to do.
Furthermore, because of the Bankruptcy Credit Report’s integration into Best Case, this data can be easily imported into question 9 of the Statement of Financial Affairs (SOFA). Importing Bankruptcy Credit Reports can save your firm an average of 60 minutes on data entry per case.
8-Year Supplemental National Bankruptcy Search and Liens and Judgments Search data come directly from LexisNexis Risk Solutions.
- Crosman, Penny. “Will Dropping Tax Lien Data from Credit Reporting Lead to Bad Loans?” American Banker, 2 Apr. 2018, www.americanbanker.com/news/will-dropping-tax-lien-data-from-credit-reporting-lead-to-bad-loans.
- Andriotis, AnnaMaria. “Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores.” The Wall Street Journal, Dow Jones & Company, 12 Mar. 2017, www.wsj.com/articles/credit-reports-to-exclude-certain-negative-information-boosting-fico-scores-1489338002.