Santa Ana-based CoreLogic, a provider of business services and information, has announced a new CoreScore Credit Report. The company says the new report will add valuable data to borrowers’ credit profiles.
CoreLogic boasts that the CoreScore will boost current credit reports by using its public records database to add previously hidden data that is not included on traditional credit reports. Such data includes documents relating to property ownership, rentals, taxes and child support. This data can improve a user’s credit score, diminish risk, and make the credit report more transparent by revealing any additional debts that a consumer has, according to the company. A CoreLogic study estimated that one in 13 mortgage applicants lack sufficient credit history data that could impact their credit score. This new information can be added in 23 days, which CoreLogic says is up to two months faster than credit reports are currently updated.
"Our analysis yielded some important findings that could provide lenders with critical information that could lead to new lending opportunities,” said Tim Grace, CoreLogic senior vice president of product management and analytics. “For example, while a 720 credit score is considered prime, we found that by adding CoreScore credit data to our sample of prime credit reports, three times more public records were found compared to traditional credit reports alone."
CoreLogic anticipates adding 10 percent more public record data to users’ credit files, using the same format and technology as existing credit reports.
"The CoreScore Credit Report enhances the traditional credit review process by adding exclusive and more timely supplemental credit information, enabling a more comprehensive view of the consumer for more informed lending decisions," said Grace.
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