When it comes to improving credit risk management decisions, traditional credit reports and scores are 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. The CoreScore™ Solution delivers that final card.
Stand-alone or seamlessly merged with traditional credit reports, the CoreScore credit report brings you information that lies beyond the reach of standard credit reports, providing additional, often critical, insight into credit risk management – all in an FCRA-compliant format that is easy to integrate into your existing processes.
Leverages the Most Comprehensive Property Data
The CoreScore credit report contains information from the CoreLogic property database that covers 99.9 percent of the U.S. population, along with additional, market-leading, coverage of landlord/tenant and alternative credit information:
- Property ownership and mortgage obligation records
- Property legal filings and tax assessment
- Landlord/tenant transactions and evictions
- Alternative credit history and activity
- Consumer-specific property and tax liens, judgments and child-support obligations, and bankruptcies
Data is Updated Faster
Updated continuously, the CoreScore credit report delivers new consumer credit data to you sooner than traditional credit reports. For example, CoreScore shortens reporting times for new mortgage liens from an average of 60 to 90 days to just 23 days. This means you have knowledge of new, substantial borrower financial obligations sooner than ever before.
Traditional Credit Reports Are Missing Critical Data
CoreScore captures this missing information and instantly combines it with traditional credit report information from the national credit repositories. The result is a revolutionary new way to view consumer credit that helps you identify previously hidden risks and new lending opportunities – quickly and easily.
A recent analysis of a small sample of data from a major lender (approximately 2.5% of their annual lending volume) shows just how much information you might be missing*:
- 29% of all credit reports were missing information
- 19% had undisclosed mortgage debt
- There were $68 million in undisclosed open mortgage obligations
- $1.5 million in undisclosed obligations from missing public records
- 38% of missing bankruptcy information was on prime borrowers
Expanded Credit Report + The Industry’s First Composite Mortgage Score
CoreScore is an expanded credit report with the industry’s first composite mortgage credit score, developed by FICO®, the industry leader in credit scoring. The score takes all of the data contained in a merged CoreScore credit report – the traditional credit data and scores from the national repositories and the unique supplemental consumer credit data from CoreLogic – and uses this to generate the industry’s first truly “composite credit score” for mortgage risk, the FICO® Mortgage Score Powered by CoreLogic®.
Recent validations show the benefits of the new score:
- 7.5% more predictive than scores in general use today
- 70% of all files analyzed saw their scores improve, 24% by 50 points or more
- 44.5% of borrowers who scored under 620 with a traditional score (the standard cut off for GSE loan acceptance) saw their scores move above 620
- Identified an additional 10% of eventual defaults in the riskiest 10% of the population
Utilizing the same score range and risk calibration as current FICO scoring models, this innovative, composite mortgage risk score delivers the most comprehensive and predictive credit score available for mortgage origination.
Everyone Wins
By merging timely, supplemental consumer credit data with traditional credit reports and delivering this with an exclusive, more predictive credit score developed by FICO, the CoreScore Solution opens the door to more qualified borrowers and helps lenders advance along the path to improved credit risk management.
*Results based on a single lender sample only. Results will vary based on population, region, loan pool and other external factors
