Okay, so this banner ad got my attention on Housing Wire today…
CoreLogic Ad on HousingWire - See Borrowers as You've Never Seen Them Before
Congratulations to the team at CoreLogic….they got my attention and I clicked through. My sense is this is only going to make it more difficult for borrowers to get mortgages. What do you think?
Below is the information from CoreLogic’s landing page:
Everything will change
The new CoreScore™ credit report from CoreLogic® Credco® will explode the old reality by bringing unique information to traditional credit reports. The supplemental information the CoreScore credit report provides will expand your view of borrower credit profiles and deliver important insight into unseen risk and opportunities.
Everything will change
The CoreScore credit report will disclose Fair Credit Reporting Act (FCRA)-compliant consumer credit-risk information contained in our continually updated proprietary databases—information that can boost your understanding of borrower credit worthiness.
Everything will change
CoreScore will add to—not replace—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 pay-day and online lenders
- Consumer-specific bankruptcies, liens, judgments and child support obligations
- And more
Everything will change
CoreScore credit report will supplement what you know about any borrower who owns or has owned real estate in the U.S. and can expand your knowledge on nonowners with additional data intelligence on other credit extension behavior.
Everything will change
Preliminary testing revealed that one in 13 credit reports analyzed from a sample data set were missing unique consumer credit data that the CoreScore credit report provides— often mortgage obligations and other data that could significantly impact a borrower’s debt-to-income ratio and credit risk score.
The CoreScore aggregated data will be available to lenders and consumers in a single credit report, compiled instantly using proprietary merge technology for user ease.
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