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When it comes to making lending decisions, a traditional credit report is like a poker hand with four cards showing. The cards you hold may be good, but you can't be sure of what you have until you see the last card. CoreScore™ delivers that final card.

 

Before CoreScore, traditional credit reports allowed you to see borrowers' performance on installment and loan activity with reporting lenders. However, that information may not have told the full story of the borrowers' financial obligations.

Seamlessly merged with traditional credit reports, CoreScore brings you information that lies beyond the reach of standard credit reports. And when merged with transactions that appear on credit reports, CoreScore data provides additional, often critical, insight.

Lenders - Use the CoreScore Credit Report to expand your view of prospective borrowers - Call 800.203.8757

FCRA-Compliant Data

The information CoreScore provides can clue you in to financial events and obligations that may be missing on traditional credit reports. We draw the information from our proprietary databases—the largest and most complete collection of real estate and public records in the nation—covering 99.9 percent of the U.S. population, which enables us to bring you FCRA-compliant information that includes:

  • Property ownership and mortgage obligation records
  • Property legal filings and tax assessment
  • Consumer-specific property and tax liens, judgments and child-support obligations

Equally important, CoreScore shortens reporting times for new mortgage liens from an average 60 to 90 days to 23 days or fewer, giving you earlier knowledge of new, substantial borrower financial obligations. Even information that will eventually appear on a traditional report arrives earlier on the CoreScore report, such as notices of mortgage-loan default. Updated daily, the CoreScore credit report promptly delivers new information to improve your lending decisions. In addition, FICO® is applying its predictive analytic expertise to incorporate CoreScore data into a new series of credit scores, beginning with one designed for mortgage lending.

Improved Risk Management

Among the information CoreScore provides, you receive transactions on mortgages held with lenders that don't report to traditional credit reporting companies, along with certain severity performance on those debts. Our preliminary studies on mortgage applications revealed unique mortgage data appears on 1 in 13 CoreScore credit reports; this is data that does not appear in traditional credit reports.

Clearly, this is vital information you should have before approving a loan or issuing a credit card. That and other critical information, such as tax liens, foreclosures, unpaid child support, and other debt burdens make CoreScore an important ally in the quest to improve loan quality.

Increased opportunity

The expanded view CoreScore provides helps detect hidden risk, but it also helps you get a more complete understanding of borrower capacity by allowing you to see all properties recently owned, current values, original CLTV, and other property information. In addition, CoreScore helps you better understand thin-file applicants, and determine whether they are good lending risks.

CoreScore helps you gain further insight into the credit activities of a broader set of borrowers, which can help you expand your customer base. on, FICO® is applying its predictive analytic expertise to incorporate CoreScore data into a new series of credit scores, beginning with one designed for mortgage lending.

Everyone wins

By merging relevant, timely information with traditional credit reports, CoreScore opens the door to qualified borrowers and helps lenders advance along the path to safer, more secure lending.