Our credit report says a LOT about us, and it's going to say even more in the very near future. In her article published in this month's OCMetro, Elaine Murphy says CoreLogic, a provider of business services and information, has announced a new CoreScore Credit Report. The company says the new report will add valuable data to borrowers’ credit profiles.
The "CoreScore" addition will supplement current credit reports by using its public records database to add previously hidden data not found on traditional credit reports. Information relating to child support, rentals, property ownership and taxes will now be included; things more likely found on tenant screening reports ordered by landlords.
CoreLogic estimates that one in 13 mortgage applicants lack sufficient credit history data, which could impact their credit score. New information can be added in 23 days, which CoreLogic says is up to two months faster than credit reports are currently updated. Improving a user’s credit score, diminishing risk and making the credit report more transparent by revealing any additional debts that a consumer carries are all possible with this addition.
"Our analysis yielded some important findings that could provide lenders with critical information that could lead to new lending opportunities,” said Tim Grace, CoreLogic senior vice president of product management and analytics. “For example, while a 720 credit score is considered prime, we found that by adding CoreScore credit data to our sample of prime credit reports, three times more public records were found compared to traditional credit reports alone."
"The CoreScore Credit Report enhances the traditional credit review process by adding exclusive and more timely supplemental credit information, enabling a more comprehensive view of the consumer for more informed lending decisions," said Grace.
So those credit skeletons you suspect borrowers keep pushing back into the closet? They may now come tumbling out for lenders to see...making things a whole lot scarier for some applicants but much less riskier for those holding the purse strings. And for those borrowers with a scanty but good credit record, the ability to access their public records can make it easier for them to obtain a loan.