CoreLogic Consumer Finance Solutions Provides Different Credit Data

Consumers with a real interest in the credit scoring system are aware of the kinds of data contained in their Equifax, Experian and Trans Union credit reports.  They know that timeliness of payments on their monthly bills is meticulously recorded along with negative information such as charge offs and collections.   Judgments and liens are no longer reported since modern reforms due to difficulties in verification.

Tax payments, property legal filings, rental applications and evictions, homeowner’s association dues, child support payments, applications for payday loans and other negative data that appears in the public record do not make it to the big 3 Credit Reporting Agencies.    What many consumers do not realize is that CoreLogic Consumer Finance Solutions provides lenders who pay for their information with “proprietary, non traditional consumer credit data”.  “We have the alternative credit data you need” according to the CoreLogic Consumer Finance Solutions web site.  They further describe their service as a “supplemental credit repository.”  CoreLogic Consumer Finance Solution’s SafeRent service screens tenants for landlords large and small.  Its Teletrack service helps payday loan providers pursue their screening and enforcement needs.

Much of the giant database accumulated by CoreLogic Consumer Finance Solutions comes from its business servicing background checks for property rentals large and small as well as its skip tracing business.  Its new type of credit file is called CoreScore. 

CoreLogic Consumer Finance Solutions Supplements Other Credit Data

Consumers with less than perfect or no credit histories are forced to frequent shady and very expensive pay day loan providers and rent to own companies.  It costs a lot of money to be poor.  This sad fact of life comes as news to no one who has been there.  The financial system has its way of keeping poor people down.  Many consumers think that they can build a credit history with rent to owns and pay day loans.  It is a lot easier to build a negative history this way than a positive history.  On time payments may not be reported but charge offs and collections certainly will be reported.  These are the kind of things overlooked by the big 3 credit reporting agencies that CoreLogic Consumer Finance Solutions provides its clients.

CoreLogic Consumer Finance Solutions Report Available to Consumers

If you are alert and pro-active about your personal finances you will want to review your CoreLogic Consumer Finance Solutions report yourself rather than wait for it to harm you unexpectedly.  I’m pleased to be able to report that a call to their representative at 1-(877) 532 8778 will result in a very pleasant and cooperative offer to fax, email or mail a request for your file form to you. Upon proof of ID they will forward your report but not your score.  After all Equifax, Experian and TransUnion make their share of mistakes.  Mistakes on CoreLogic Consumer Finance Solutions are governed by the same regulations regarding correction and deletion of mistakes made by the major credit bureaus.

CoreLogic Consumer Financial Solutions Score

CoreLogic Consumer Financial Solutions makes its report available to all types of lenders if they are willing to pay for it.  The actual score, called CoreScore is available only to mortgage and home equity lenders.  Fair Isaac Corporation (FICO) the credit scoring giant with over 90 percent of the credit reporting market offers mortgage lenders a blended score.  It also furnishes the CoreLogic Consumer Finance Solutions report as a separate supplemental document.

CoreScore is a Double Edged Sword

Proponents of the use of this kind of previously unused financial data to create a new type of score argue that it expands the availability of credit to the under served… minorities, women and handicapped people who were invisible to the system.  Dangers persist.  The poor are frequently late on utilities during the winter when utilities take a disproportionate share of their limited income.  Bad information is more likely to be reported than good information.  Sometimes rent is not paid for good reasons such as vermin infestation or failure to make necessary repairs.