Urgent Reminder, Effective July 1, Public Record Reporting Changes Expected
New standards have been established for the collection of public record information. In the collection of this data both standards must be met in order for the information to be reported to the credit repositories. The standards include requirements for identifying information such as name, address, SSN and/or DOB along with regular updating every 90 days. Many jurisdictions have confirmed they will not be able to meet one or both of these new rules. Early analysis by the repositories suggest that 96% of Judgments will be removed from the credit files and roughly 50% of Tax Liens will be removed during the month of July and will no longer be reported going forward.
In preparing for such a significant loss of public record information to credit reports, we at SARMA have been listening to you our clients and working to deliver an alternative resource. Investor underwriting guidelines have not changed to accommodate the loss of this information and ultimately you, the lender, continue to be responsible for undisclosed debt, liens and judgments that may need to be satisfied before closing.
Our Public Record Report is a report that delivers a search for public record data by the person. It includes findings on Bankruptcies, Liens and Judgments. The search includes 3,600 jurisdictions nationally and offers a multi-step approach to ensure maximum accuracy. This report will be available as an optional supplement to the credit report and will be available to you through an optional hyperlink from the credit report, or we can program your account to always deliver this report whenever a credit report is ordered.
As always, feel free to contact us or call at 800.955-5238 option 2.
We look forward to bringing you our latest in product innovation, the SARMA Public Record Report!
Categories: News & Press Releases