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Say hi to a new credit report

By Janna Herron · Bankrate.com
Monday, October 3, 2011
Posted: 3 pm ET

As if keeping up with reports from the three main credit bureaus wasn't enough, another credit report is making its debut. And it knows even more about you.

CoreLogic, a provider of information, analytics and business services, said Monday it is launching a new credit report to help lenders make even better decisions about who should (or should not) get credit and at what price. The company is showing off its new product at the Mortgage Bankers Association convention next week.

The report pulls from CoreLogic's database of county, municipal and other tax records; courthouse records including residential property and liens; landlord and tenant history; and other nontraditional lending records. The company boasts that it has stats on 99.9 percent of the U.S. population. Oh my.

The company said in its analysis that its report found three times more public records on consumers with prime credit than the traditional credit reports found. That means no more hiding that unpaid tax lien.

While it may seem at first blush that CoreLogic is muscling onto the scene, the company says it doesn't want its credit report to supplant the traditional ones provided by the three major credit bureaus. Instead, the company sees itself as augmenting the information lenders get from conventional sources.

"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," says Tim Grace, senior vice president of product management and analytics, in a company release.

That's all peaches and cream for lenders, but here's yet another company with a lot of information on you. Concerned about what's in CoreLogic's database and if it's correct?

Fortunately, the company said it plans to participate in www.annualcreditreport.com (where consumers can access their credit reports for free) so Americans can request copies of CoreLogic's reports.

At least then you will know what they know about you.

What do you think about another credit report out there? Does the whole credit reporting and scoring industry make you feel uneasy? Sound off.

Follow me on Twitter: @JannaHerron

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1 Comment
Lonye D. Hall
October 03, 2011 at 9:36 pm

For right now; i am not touching it. How clearified will the new field will be for optomistic investors? Yet with the knowledge that based thirst drivin problems of problimatic have total loony. How will of a clearance will be available for optomistic investors? I may need a loan/lend.