Rapid Travel Chai

Friday’s “Your Money” column at the New York Times writes about a company called CoreLogic which has partnered with Fair Isaac (FICO) to create a new credit report and score that gathers a wider range of data on consumers than current credit reports:

This week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history.

The new report also includes any property tax liens and whether you’ve fallen behind on your homeowner’s association dues. It may reflect that you now owe more than your house is worth or if you own any other real estate properties outright. It also is supposed to catch mortgages made by smaller lenders that the big credit bureaus may have missed.

The article goes on to say that this report will be a supplement to existing reports from the three major bureaus, but it in many ways resembles those reports in that it will become available on annualcreditreport.com. It is also mentioned that CoreLogic has an existing business in compiling the three major reports for mortgage lenders.

CoreLogic’s website also says their report is a supplement to existing reports:

CoreScore adds to—not replaces—current credit reports by aggregating timely information we collect and report, usually within 23 days of filings, including:

• 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

Credit card churners dependent on rotating credit inquiries among bureaus will shudder at a possibility of merged reports. And any consumer should put this report on their radar and check for inaccuracies as soon as it becomes available.

The Rapid Traveler first read this hoping that this report would be developed as a competitor to the major three bureaus, but every current pronouncement is that it is only a supplement. Now that his address is officially on the west shore of the Hudson River, The Rapid Traveler feels the pain of New Jersey travel hackers that wish someone, anyone would pull from any bureau but Experian. It looks like they are stuck with hit or miss diversion attempts with credit report security freezes.

Readers, many of you know much more about credit scores and reports than The Rapid Traveler. What do you think of CoreLogic and the new CoreScore?