New Credit Bureau Coming in 2012

Posted on January 04 2012

Most people are aware of the three major credit bureaus of TransUnion, Experian and Equifax.  However, a fourth credit bureau called CoreScore will be coming into play sometime this year (this has been reported by WTSP.com (FL) Dec. 29, 2011).

CoreLogic has recently debuted CoreScore, a new supplemental score that uses public records to help lenders calculate risk, which can contain information on child support, property liens, judgments, late utility or HOA payments, payday loan applications and rental history.  For those with good credit, CoreScore shouldn’t impact you negatively and may actually assist you by showing additional creditworthiness.  But for those with bad credit, it’s going to illuminate your credit condition and more than likely make things worse.

Just like the three major credit bureaus, CoreScore will be subject to the Fair Credit Reporting Act.  This means that consumers are allowed to dispute information contained on the report.  Beginning sometime this year, your CoreScore report will be available for you to review free of charge at www.annualcreditreport.com.