A new credit report hopes to shed light into the deepest corners of a consumer’s credit risk profile.

Not much has changed in credit reports over the years, until CoreLogic stepped in.

CoreLogic (NYSE: CLGX) will be unveiling a new credit report that aims to differentiate itself from the “big three” by providing more in-depth records of consumers’ credit and financial background.

Currently, traditional credit reports are available from the three major credit bureaus – Equifax, Experian, and TransUnion. Credit history information in these reports include open and closed accounts, credit inquiries, and public record and collection items.

CoreLogic, which is a provider of information, analytics and business services and not a credit bureau, will introduce the CoreScore Credit Report that covers vastly more details for judging consumer credit risk.

Consumer data in the CoreScore report includes consumer property ownership and mortgage obligation records, property legal filings and tax payment status, rental applications and evictions, inquiries and charge-offs from pay-day and online lenders, and consumer-specific bankruptcies, liens, judgments and child support obligations.

The plethora of additional information at the hands of loan servicers could improve or hurt the applications of prospective borrowers.

CoreLogic says that it has a database containing nearly 1 billion consumer transaction accounts, covering 99.9% of the American population.

In an initial study of over 250,000 traditional credit reports for mortgage applicants, one out of every 13 applicants lacked unique information that was found in the CoreScore Credit Report.

It will debut next week at the Mortgage Bankers Association convention and exposition in Chicago.

Free Access to Consumers

CoreLogic reveals that it will join the three credit bureaus to offer copies of the CoreScore Credit Report to consumers on www.AnnualCreditReport.com.

In that case, consumers would be able to get 4 free credit reports per year. If they choose to spread them out annually, they’d be able to check their credit history every 3 months as opposed to 4.

Borrowers would benefit from waiting to request the free CoreScore report before applying for a loan as it offers a look at more revealing information.

Do you think this new credit report is a good thing for consumers since it may reveal hidden information?

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  • Plockwood

    If it proves to be more accurate and easer to make corrections I think it would be a good thing.
    I was in a business that granted credit and there were many cases where there was a need for better information.

  • Dillon Davis

    If the information seller is LIABLE for incorrect information, not able to pass it off to the provider of the bogus information.  If the public can opt out of having their information disseminated without their approval.  And if closing a credit card will not lower ones credit score.  Now, we all know that the three major credit reporting sellers, along with FICO, act in secretive anti consumer ways. They sell information which may or may not be correct, tell us we need to pay a monthly fee to see what crap they’re selling, but leaving us with almost no recourse!  Sure, we need another information gatherer.  And we wonder why there is so much identity theft.

  • Upset guest

    As I read it, I simply could not stop myself from commenting….How in the world is this post accurate, useful or informative?  Or this simply a blog post because CoreLogic paid for an inbound link?  Teletrack, which is the company within CoreLogic that provides this report has been around for years and has not done anything new for a while.  Their claim to fame is that they are the golden standard for subprime lenders, specifically payday.  Every payday site has had the disclosure that they pull TeleTrack for years.

    It’s one thing to be open and blatant about what you do “I write SEO-based blogs for money”…It’s another to actually pretend like you are writing anything useful when in reality it’s complete BS and more importantly simply inaccurate.  Just write some gibberish, push the link for which you are paid, and move on. 

    • Simon Zhen

      From a consumer’s perspective, having an extra free credit report helps to keep an eye on personal credit histories and profiles.

      MyBankTracker.com does not receive any form of compensation for links or articles.

      • Upset guest

        What is “new” about “A new credit report hopes to shed light into the deepest corners of a consumer’s credit risk profile.”….CoreLogic is governed by FCRA, as such they have to provide their reports to consumers.  Teletrack has been around for many many years.  My claim is not that Teletrack is not useful to public, my claim is that your article is completely wrong as far as facts and if you had any shred of professionalism or journalistic integrity you would not publish completely wrong, unchecked, and clearly biased or paid-for facts