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Posted: May 5, 2015

There are new sources for credit information for those who need to show their alternative credit to new prospective creditors.

New Consumer Credit Data Available on CoreScore™ Credit Report by CoreLogic Credco®

Additional information about a consumer's credit history is now available for creditors to review via the CoreScore Credit Report.  This new information is available along with traditional credit reporting information in a single integrated credit report.

This additional information reported on a CoreScore Credit Report is sourced exclusively from the proprietary information databases of CoreLogic.  These databases are the largest and most comprehens What's Your Credit Score?ive collection of rental information, real estate data and public records in the nation.

This data covers 99.9 percent of the U.S. population which includes municipal, county and special tax jurisdictions, residential properties and liens and consumer specific liens, bankruptcies, evictions and judgments.

This information will show creditors information about a consumer that in that past has not normally been reported in the past to the three well known traditional credit reporting agencies (Equifax, Experian and TransUnion).    Information on mortgages held by lenders that don't report to the major credit bureaus, lease applications and homes owned that are free of a mortgages, such as ones purchased with cash or given as a gift.

Additionally, this information will include data from rent-to-own agreements, payday lenders and specialty installment lending agreements like used-car loans.
This can be a positive for some consumers and perhaps a negative for others.

Alternative Credit

In the past a person with no traditional credit could qualify for an FHA loan by providing what was called alternative credit.  This would be proof of on time payments to utility companies, rental companies, furniture stores, day care facilities, etc.  After the real estate bust a few years ago alternative credit was no longer acceptable as credit references in order to be allowed to qualify for a FHA mortgage loan.

Many people, especially elderly persons, simply have no established credit because they have always paid cash for everything.  Without alternative credit references these people could not qualify for a mortgage to purchase a home.
Having this type credit data available to lenders may now help people get approved for new credit that might otherwise not have been able to in the past.

On the other hand, there are people who have not been as attentive to paying their rent or owner held mortgage on time because they knew that information was not being reported to the credit bureaus.  So, they would pay a loan of another type where the payment information was being reported to the credit bureaus on time in order to protect their credit scores.

With the information that is now available to lenders via the CoreScore Credit Report these late payers may find that their ability to borrow money is hurt rather than helped.

The new CoreLogic CoreScore Credit Report is meant to provide the foundation for a new credit score the analytics services and produts company will launch in partnership with FICO in 2012.

As with traditional credit reporting data the consumer will be able to dispute any incorrect data in the CoreLogic credit history files concerning that consumer.

A consumer may also request a copy of the information contained about them in the CoreLogic Credco consumer file. Information about how to request a disclosure copy of your consumer file information is available on the Credco website.

For lenders this new information will allow them to identify new lending opportunities while mitigating risk with all their lending activity.

Get Credit Score with Alternative Credit

In June 2010, Experian purchased RentBureau. This is a company that houses rental payment history on US residents. Beginning in January, 2011 they started including this rental information in consumer credit reports. For some this will be a benefit to help boost their credit scores and for others it may just be a further variable for damage to ones credit scores.










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