New credit score reveals more about credit risk

CoreLogic announced a new credit score service, CoreScore, which will give lenders greater insight into a borrower’s outstanding debts and help to understand their credit worthiness. The new CoreScore credit report, which will be available to lenders and consumers, will include credit-risk information, as compliant with the Fair Credit Reporting Act.
It will not replace current credit reports but aims instead to fill gaps in current credit score reports.
The report will help “lenders mitigate risk by uncovering debt obligations, and increase new lending opportunities by identifying previously hidden credit behavior that could improve a consumer’s credit profile,” CoreLogic said in a press release announcing CoreScore.
According to CoreLogic, the reports will include buyer information such as:
• Properties owned (with and without debt obligations)
• Mortgage obligations with companies that may not report to traditional credit reporting agencies
• Property legal filings, such as notices of default
• Property tax amounts and payment status
• Estimated market values on all U.S. properties owned
• Rental applications and evictions
• Inquiries and charge-offs from payday and online lenders
• Consumer-specific bankruptcies, liens, judgments and child support obligations
CoreLogic will pull the information from its real estate database, rental information and public records.

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