Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.01
Mortgage

Chronos Solutions adds liens and judgments data to product offerings

New ruling changes availability of information on liens and judgments

Financial real estate services provider Chronos Solutions announced it added supplemental liens and civil judgments data to its Funding Suite Credit Report offerings.

The decision comes after a recent court ruling that impacted the ability of lenders to establish a borrower’s creditworthiness.

As it stands, the data is no longer permitted in nationwide Credit Reporting Agencies' credit reports.

Chronos explained in its release that back in July 2017, a ruling in a civil action suit caused the majority of U.S. states to prohibit information on liens and judgments, making them unavailable in credit reports.

The reason for the decision was that the factor negatively impacted credit scores – sometimes wrongly – by up to 100 points.

But as Chronos explained it, while the reform protects consumers from erroneous changes to their scores, liens and civil judgment data is still important indicators of creditworthiness. Plus, the loss of the information increased lender exposure to risk.

Chronos stated that it now offers this information in its Funding Suite Credit Reports as a result. 

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please