There’s yet another credit score, the new CoreScore, that consumers are going to have to worry about starting March 30th. CoreScore is a result of a partnership between CoreLogic and FICO and will track data such as “whether people have paid their rent and utilities on time, whether they have a child-support judgment against them, if they have applied for a payday loan (and repaid it) and whether they have ever been evicted. It also tracks whether a homeowner is underwater on his or her mortgage, meaning they owe more than the house is currently worth, or if they’ve paid their association dues or had a lien placed against the property.”
CoreLogic believes this new CoreScore will help “thin filers,” which include those that don’t have much of a credit history in terms of credit card, auto or mortgage histories but are responsible for paying the rest of their bills. However, there is a flip side. This could just be one more way to hurt those consumers who are trying to recover from a bout with unemployment or other financial hardship since it shines a brighter light on the details of their financial circumstances.
Latest posts by Kevin Fallon McCarthy (see all)
- Make Your Credit Cards Work for You - January 23, 2018
- Private Student Loan Debt Affect Holiday Shopping - November 30, 2017
- Problems With Debt Settlement Companies: Freedom Debt Relief - November 21, 2017