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New CoreScore Credit Score – Good Or Bad For Consumers?

http://www.mlive.com/business/west-michigan/index.ssf/2012/02/new_corescore_tracks_more_pers.html

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.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.