Chronos Solutions [1], a Coppell, Texas-based real estate financial services provider, announced a new offering Thursday aimed at providing lenders information that was recently removed from credit reports.
Starting in July, national credit reporting agencies were no longer permitted to include liens and civil judgment data in their credit reports. The change came as the result of a civil action suit that claimed inclusion of lien and judgment data can wrongfully lower a consumer’s credit score by up to 100 points.
However, “liens and civil judgment records remain vital indicators of creditworthiness and the loss of them has increased lender exposure to risk,” according to Chronos Solutions.
The company set out to fill the void in lender information by offering a lien and judgment addendum to its Funding Suite Report.
Lenders can purchase the addendum as an add-on to Chronos’ Funding Suite Report or as an independent purchase.
“Now, without any connection to the consumer’s credit scores, lenders — without having to research it manually — have access to the data they need to make a solid decision,” Chronos stated with the announcement of its new product offering.