LexisNexis RiskView™ Solutions
LexisNexis RiskView™ is the leading alternative credit risk management tool in the industry. RiskView™ uses a variety of different types of information, not typically found on a credit report, to provide businesses with insights about how a consumer might manage new contracts or financial products. Drawing on public records and multiple proprietary data sources, RiskView™ Solutions provides you with a greatly enhanced understanding of the risk, scoring, profitability potential and credit worthiness of your customers and prospects.
CBA has partnered with LexisNexis to offer RiskView™ Report access at a discount to CBA Members. This product, the newest CBA Access service, offers:
Access to industry's most widely used alternative credit report
Permissible purposes include consumer education and underwriting
Discounted report pricing
Waived implementation and setup fees
Implementation and credentialing support from CBA experts
Dedicated product and customer support from LexisNexis experts
View a Sample RiskView™ Report
The RiskView™ Report is designed to mirror a traditional credit report, ensuring ease of use and interpretation. At the start of the report, viewers will see a three-digit score (based on a 501-900 range, the higher the better) and an at a glance summary of what is inside the report.
Why consider RiskView™?
RiskView™ is different from mainstream credit scores that use traditional financial information to evaluate consumer risk. Unlike traditional credit scores, RiskView™ evaluates risk for consumers even if they do not have a traditional credit profile, using alternative data and information, and creates a credit score for ~80% of the unscorable population with thin or no traditional credit files.
In addition, with the consumer protections brought about by the National Consumer Assistance Plan (NCAP), traditionally reported accounts, such as public record data, may no longer report to the credit bureaus. Yet, understanding a client's public record status is as critical as ever for underwriting loans, preparing for homeownership as well as and educating the consumer on their credit report. Consider using the RiskView™ report as a compliment to the credit report you may already pull, knowing that combined the two will provide a holistic picture of your client's financial history.
Considerations for Lenders
Are you seeking a tool, other than a credit report to assess prospective borrowers? The RiskView™ Report draws on insights from alternative data points to assess stability, ability to repay and the willingness to repay. For example, consumers who move around frequently and are associated with many different addresses are 5x more likely to default than consumers with more stable address histories.
Do you underwrite loans, in particular, loans of large amounts? Minimizing risk is critical to your business viability. Consider evaluating your borrower on data sources that may be more predictive of your borrower's eligibility than traditional credit data alone. Past addresses, utility payments, and professional license obtainment are just a few factors that can be helpful in underwriting. Traditional public record data points (including civil judgments and liens) are also collected and can provide great insight into your client's ability to repay on your account. Avoid surprises or the unnecessary purchase of a pricey title search by first reviewing the RiskView™ Report.
Note: The RiskView™ Report is a consumer, not business product. Business lenders may consider using it if seeking additional information on the principal borrower or on any personal guarantors associated with the loan.
Considerations for Homeownership Programs
Have traditional credit reports ever failed you in successfully guiding a prospective applicant into a closing? By themselves, credit reports may no longer provide full insights into public record data, specifically civil judgment and tax lien data. A review of the LexisNexis RiskView™ report at the onset of the application, with the credit review, could provide you and your client insight into the public record status, and the opportunity to proactively satisfy any known debts well before loan closure. Set your clients up for success and support them in pursuit of their financial and asset-building goals.
Considerations for Housing Counselors/Credit Building Coaches
Do you work with clients to help them prepare for home ownership? If so, you know better than anyone, the detrimental impact that a ‘surprise’ public record can have for a mortgage applicant. Reduce the fear of denial and help your client better prepare by reviewing public record data and more on the LexisNexis RiskView™ Report. Work together with the client to satisfy any concerns prior to beginning the mortgage application process and create a seamless process for approval!
Frequently Asked Questions
What is the eligibility criteria for RiskView™ reports?
Qualified non-profit organizations are eligible to access this report, making it such that current CBA members should also be eligible.
How much does the RiskView™ report cost?
LexisNexis Monthly has generously waived their set-up fees and minimum volume requirements for CBA members, a savings of over $1,000!
To sustain the program, CBA charges a one-time set-up fee of $650 and an annual CBA Access renewal fee of $100.
Report Volume Prices by Monthly Input
Who typically pulls RiskView™ reports?
RiskView™ is widely used by many different businesses and industries for various applications. The list includes credit card issuers, wireless and cable providers, utility companies, auto lenders, financial institutions for account opening decisions, small dollar credit providers, and many other leading businesses and online retailers.
How does this differ from the credit reports that I already pull?
RiskView™ provides an additional dimension of consumer behavior for full file consumers. Instead of only considering traditional data points, the RiskView Report considers factors such as evictions, liens, transience, assets, occupation and education, further spreading risk across alternative data points.