How Many Credit Reports Do I Have? The Answer is Now…Five!
In early October, CoreLogic, a leading provider of credit information, announced they have a report that assesses credit risk and could be used as a a supplement to the traditional credit report. It is called the CoreScore Credit Report and is compliant with the Fair Credit Reporting Act (FCRA). It merges CoreScore consumer information and credit report data into one report. It uses CoreLogic’s proprietary information databases that include real estate, rental information and public records. This report is being targeted to the following industries: mortgage, automotive, credit card, subprime, and direct-to-consumer.
The consumer data includes consumer property ownership and mortgage obligation records; property legal filings and tax payment status; rental applications and evictions; inquiries and charge-offs from pay-day and online lenders; and consumer-specific bankruptcies, liens, judgments and child support obligations. CoreLogic updates their databases within 23 days on average; they claim this is two months sooner than traditional credit reports.
According to CoreLogic, their data is unique. In the initial analysis of 250,000 traditional credit reports of mortgage applicants, one out of every 13 (7.7%) reports lacked the data
CoreLogic had in their CoreScore Credit Report. Of these, 22.6 percent had open mortgage obligations not on the traditional credit report, and were more likely to be their only mortgage obligations. About 20 percent of these loans were delinquent. CoreScore Credit Report had 10 percent more public record data than the traditional credit report, which included liens, judgments and evictions. More than half of the time, this was the only public record for that individual.
CoreLogic plans to offer their CoreScore Credit Report through the web site www.annualcreditreport.com, which offers free credit reports to consumers. They will also develop a score on the CoreScore Credit Report to assess credit risk on the combined data.
This report is only available through CoreLogic, which is also a credit reporting agency. This will be another credit report available for you to review in the future. With the “unique” data added, it will be important for you to verify this information.
And yes, FICO will be working with CoreLogic to develop a credit score on their information.
Credit 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.