Factual Data collaborates with Innovis to help lenders to weather the coronavirus pandemic
Factual Data has announced that it is extending its free credit report offering through the end of the year to help lenders grappling with the challenges brought by the COVID-19 crisis.
In light of the surge in forbearance requests during the coronavirus outbreak, the company partnered with Innovis Data Solutions in May to offer Innovis credit reports to lenders at no charge until July.
Factual Data President Jay Giesen said that they saw a spike in demand for the offering, with nearly 300 lenders signing up.
“To help the lending industry, we partnered with our affiliate, Innovis Data Solutions, to help provide visibility and inform our customers early and throughout the origination process,” Giesen said. “With the immediate success of the offering, it became clear there was a need for something like this, and we felt we could be a great help by extending the offer through the end of the year.”
“After passage of the CARES Act, we were inundated with calls from our customers wanting to know if loans were in forbearance,” said Factual Data CEO Ken Viviano. “Innovis credit reports from Factual Data show forbearance, deferment, or natural disaster comment code reporting right on the tradeline throughout the origination process. The reports can also help lenders monitor other loan payment activity, like auto loans.”
