CAIVRS was developed by the Department of Housing and Urban Development in June 1987 as a shared database of defaulted Federal debtors, and enables processors of applications for Federal credit benefits to identify individuals who are in default or have had claims paid on direct or guaranteed Federal loans, or are delinquent or other debts owed to Federal agencies.
In 1989, the Office of Management and Budget set a performance goal that certain program agencies and their authorized financial institutions should use CAIVRS to conduct prescreening to determine a loan applicant's credit status with the Federal Government. This methodology enables the program agencies to prescreen their borrowers and to broaden the Federal Government's base in determining an applicant's creditworthiness. Some non-tangible factors are:
CAIVRS may be accessed Monday through Saturday, 8:00 a.m. to 10:00 p.m. US Eastern Standard Time. CAIVRS is not available on Federal holidays.