Do Your Clients Know the True Value of Public Records?  Final Bureau Public Record Data Purge is Coming Next Week

The date is quickly approaching when the bureaus will no longer have any unverified consumer public record data.  On Monday, April 16th, the bureaus will do a final purge of an estimated 5.5 million consumer public records. We wanted to make sure your lenders know the importance of public record data. Here’s the bottom line: public records such as tax liens are debt that’s required to be repaid. If your clients don’t have a complete picture of the borrower’s debt before lending money to them, they are running a huge default risk. It’s well known now that consumers with liens or judgments as part of their credit history are twice as likely to default on a loan as those with no outstanding liens or judgments1. It is in the lender’s best interest to have a complete picture of the borrower’s debt before lending. This peace of mind is worth a few extra dollars to your lenders, and that’s precisely what you need to be providing them: peace of mind. Check out this article from last week’s American Banker: https://www.americanbanker.com/news/will-dropping-tax-lien-data-from-credit-reporting-lead-to-bad-loans Then, review the Public Records Cheat Sheet, and use it to help you and your sales staff sell public records to your clients.  1 data from “LexisNexis® RiskView™ Liens & Judgments Report Instills New Confidence for Collections and Limits Risk”