ComplianceFinanceOctober 05, 2021

What story is your data telling you?

Part two of a two-part series. Read part one

A strong and reliable data quality check process helps ensure that the data is both accurate and current. To do that, all data we receive from secretaries of state goes through a rigorous analysis. Unlike many UCC data providers, as our data comes in daily, every aspect is analyzed before it's shared with our clients.

It’s through this process that we know our customers get the highest-quality, comprehensive data every time.

The Lien Solutions five-step process for data quality assurance

1. Filings & incorporations count

Based on significant historical analysis, we understand the average numbers of UCCs and incorporations filed in every state. During every data load, we compare the daily counts against the state averages. Any that are below the threshold get flagged so they can be further investigated.

2. UCC filing check

Because we're the market leader, we focus on confirming every filing we have made in the daily data load. That helps ensure that the data is complete and accurately recorded by the secretary of state. We can see immediately where errors were made and move immediately to correct them.

3. Missing sequences check

Most states use sequential numbers for their filings and corporations. In the data for those states, we look for any gaps in the corporation or filing number sequences provided to us. If we find a gap, we go to the secretary of state website and look for the missing data. We then contact the state to inform them about the problem. Once the data has been updated by the state, we update it in iLien as well.

4. Over or under target count check

We conduct regular historical analysis of UCC data, and that's how we know what the average record increase or decrease should be per load and by state. With that data we also check to ensure we've received a number of records that falls within the range of previous data loads. This helps to calibrate the data quality checks.

5. Missing UCC image check

For states that provide copies of images of UCC documents, we look for anomalies and cross-reference the state's data with the UCC images*. This helps to ensure that the data is accurate and complete. 

The Lien Solutions data quality team

Our five-step data quality check is born from a team of professionals with combined experience of more than 50 years analyzing data and defining automated checks.

Because we understand the data inside and out, we can also help our clients understand it and determine how it affects the loan and lien decisions that are made.

With the long-standing relationship we've established with state jurisdictions, and continued improvement in technology, we're not only able to provide high-quality data to clients, we can report back to the states when their data may be incorrect and need updating.

By linking state data to the lender's filings, we’re able to show our clients what their entire lending landscape looks like, not just a pinpoint of their data. An understanding of the whole portfolio makes lien and loan decisions easier, and helps companies focus on their customers.

Lenders need more than just a search engine or a collection of data-collecting machines. Debtor data is the very foundation upon which a smart lending operation is built. It’s imperative for lenders to be fully aware of every aspect of the data they use, and whether it’s worthy to be used in making their most important decisions.

At Lien Solutions, we stand behind the quality and value of the data we provide and are committed to strong quality checks to provide the highest and most complete level of data accuracy. Our clients expect — and deserve — nothing less.

*The image check is performed for all U.S. states and DC, except Hawaii, Louisiana, Michigan, North Dakota, Nevada, South Dakota, Tennessee, Utah, West Virginia, and Wyoming.

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