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Andrew K. Johnson
Communications Manager/GreenPath Financial Wellness
GreenPath Financial Wellness Reminds Consumers about New Credit Report
CoreScore will take new data into consideration; launches March 30
FARMINGTON HILLS, MI (March 5, 2012) - GreenPath Financial Wellness, a nationwide credit counseling organization, reminds consumers that a new credit report will launch in late March that could have an effect on individuals securing new lines of credit.
Traditionally, three credit bureaus have provided the reports: Experian, Equifax and TransUnion. However, beginning March 30, a new CoreScore credit report will be available. CoreScore will include payment data that is not monitored by the three other credit reporting bureaus.
“The new report will include debt obligations that haven’t been considered in the past,” said Rick Bialobrzeski, GreenPath director of external relations. “It will include things like payday loans, rent and utility payments, evictions, child support obligations, and more.”
CoreLogic Credco, developer of the CoreScore report, says the extra information could help borrowers who would typically have insufficient credit history in traditional reports. However, it could also hurt some consumers. “If you are behind on payments, it can be helpful to write up to a 100 word summary explaining why,” continued Bialobrzeski. He went on to explain that, for example, if someone held rent from a landlord to settle a dispute, it could show up as delinquent rent payment on the new CoreScore report. The renter has the right to put a note in their CoreScore file explaining why rent was held.
“Know what’s on your credit report before attempting to secure a mortgage, car loan or other major line of credit,” said Bialobrzeski. “We don’t want the new report to take consumers by surprise.” He went on to explain that until the new report comes out and lenders start reacting to the new data, consumers won’t know the direct impact that the report will have on their borrowing potential.
Get a free copy of your CoreScore credit report by calling CoreLogic Credco at 1-877-532-8778.
GreenPath Financial Wellness is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. Their customized services and attainable solutions have been helping people achieve their financial goals since 1961. Headquartered in Farmington Hills, Michigan, GreenPath operates more than 55 branch offices in Michigan, New York, New Hampshire, Colorado, Florida, Texas, Vermont, Illinois, Indiana, Wisconsin, Arizona and Wyoming. GreenPath also delivers licensed services throughout the United States over the Internet and telephone. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). For more information, visit www.greenpath.org.