CoreLogic launching new borrower credit report
CoreLogic ($23.77 0.19%) is launching a new credit score service it claims will give lenders a much stronger sense of a borrower's outstanding debts.
Mortgage originations remain restricted, due in part to tighter underwriting standards at most lenders, who may not be able to accurately detect previous credit behavior. The new CoreScore from the data analytics firm includes renter-landlord type transactions and data on a borrower's outstanding liens and municipal tax dealings.
The information included in the credit score, which will be available in seconds through the new product, is pulled from CoreLogic's databases on real estate, rental information and public records.
CoreScore "enhances the traditional credit review process by adding exclusive and more timely supplemental credit information, enabling a more comprehensive view of the consumer for more informed lending decisions,” said Tim Grace, senior vice president of product management and analytics at CoreLogic.
The company plans to unveil the new product at the Mortgage Bankers Association convention in Chicago next week.
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