You have heard of the “Big 3” credit reporting agencies – Experian, Equifax and TransUnion. But you may not have heard of the newest one – CoreLogic. For people who want to buy a home, a new FICO credit score agency may be the deciding factor in whether you get the loan or not.
Introducing the new credit reporting agency on the block – CoreLogic. Consumer credit score giant FICO has teamed up with data firm CoreLogic to create a score specifically for mortgage lenders called the FICO Mortgage Score, based on CoreLogic’s detailed report called CoreScore. It is intended to be used as an additional tool for mortgage lenders.
This new consumer report includes information the other credit reporting agencies don’t factor in. For instance, if you applied for a payday loan, were late on child support payments or had trouble paying your rent on time, it could show up on your CoreScore. Critics say the extra information unfairly penalizes lower income consumers who have already been struggling. If you have evictions in your past, are going through a divorce or have an underwater mortgage, this report will magnify these problems, as well as those who’ve been unemployed or disabled.
Consumer advocates question whether people will be able to dispute and resolve inaccurate information as well. CoreLogic places the burden on consumers to make sure their report is accurate. Under the Fair Credit Reporting Act, you can get a credit report free once a year. So far, the only way to get a report or dispute information is by calling CoreLogic at 877-532-8778. There is no website or online dispute process, so everything has to go through snail mail.
So the next time you’re wondering what is on your credit report, make sure to include CoreLogic on your list of the top credit reporting agencies to check. With over 80% of credit reports containing errors, chances are this new kid on the block will be no better.
And remember, here at Michigan Consumer Credit Lawyers we can fix your credit report errors for FREE. We file the dispute letters for you, and get errors removed under the federal law, the Fair Credit Reporting Act. Our services are free to consumers, as the credit agencies must pay our costs and fees.
So if you see errors on your credit report, call or email Attorney Gary Nitzkin for a free consultation at (888) 293-2882. For more information about your credit rights as a consumer, visit our blog at www.micreditlawyer.com/blog. Visit our website at www.micreditlawyer.com for informative, how to videos on consumer financial protection.