CoreLogic’s New Credit Report, part 2

In November 2011 I discussed CoreLogic’s new consumer report, the CoreScore Credit Report.  CoreLogic made this report available to lenders on December 7, 2011.  CoreLogic is another consumer credit reporting agency. They collect credit reports from the three major credit reporting agencies – Equifax, Experian and TransUnion – clean up the reports, merge them and sell them to the mortgage industry.  Now they have added proprietary and other data to the reports.

CoreLogic Credit Report

Approximately 100 million U.S. consumers will have a credit report at CoreLogic compared to 200 million at the three major credit bureaus. The CoreLogic credit report combines the traditional credit report data from the three major credit reporting agencies, along with CoreLogic’s proprietary data which includes:

Property ownership and mortgage obligation records complied from mortgage applications.

Property legal filings and tax payment status collected from courthouses.

Rental applications and evictions collected from SafeRent, subsidiary of CoreLogic.

Inquiries and charge-offs from pay-day and online lenders collected by Teletrack, a subsidiary of CoreLogic.

Consumer-specific bankruptcies, liens, judgments and child support obligations collected from public records and courthouses.

In addition, CoreLogic is evaluating adding utility and cell phone payment history to the report. This would add more data on the population that has no credit report.

FICO will develop a score

By March 2012, FICO will develop a score on this data, which will be developed for the mortgage and home equity lenders first.  Other versions may follow.  This score will not replace the FICO score used in the automated underwriting systems owned by Fannie Mae, Freddie Mac or the Federal Housing Authority.

To request your copy of this credit report

Since CoreLogic is a consumer credit reporting agency, it is subject to the Fair Credit Reporting Act (FCRA).  Consumers can file disputes regarding errors in the data, receive free disclosure if denied credit based on the report, and receive a free report annually. The report will not be available online at www.annualcreditreport.com until December 2012; however, you can contact CoreLogic by phone at 877-532-8778 to request a copy of your report.

The Core Score Report and score will provide more information on those with little or no credit.  It will hurt some and help others.  Obviously, it will help those that have been paying their rent on time and don’t have any negative payment history.  It will not help those that have not paid their rent on time, have evictions and/or court judgments.  This is more information for credit grantors to make decisions on your creditworthiness.

Credit Damage Expert, John Ulzheimer, is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling.  He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry.  Follow him on Twitter here.

Categorised in: Credit Cards, Credit Monitoring, Credit Report, Credit Score, Getting Credit, Money & Identity

This post was written by John Ulzheimer