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SecularMotion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:12 PM
Original message
A New Credit Score Exposes Even More of Your Financial Life
Source: NY Times

Anyone who has recently applied for a mortgage knows that lenders are already looking much more closely at your financial affairs. But soon, theyll be able to easily delve into the deepest recesses of your financial life, accessing information that never before appeared on your credit report.

This week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history.

The new report also includes any property tax liens and whether youve fallen behind on your homeowners association dues. It may reflect that you now owe more than your house is worth or if you own any other real estate properties outright. It also is supposed to catch mortgages made by smaller lenders that the big credit bureaus may have missed.

The idea, CoreLogic says, is to provide lenders with more details about prospective borrowers, supplementing what they already know through the more traditional credit reports furnished by the big three credit bureaus, Equifax, Experian and TransUnion. Moreover, CoreLogic has formed a partnership with FICO the provider of one of the most popular credit scores used by lenders which will formulate a new consumer score based on the new data.

Read more: http://www.nytimes.com/2011/12/03/your-money/credit-sco...
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LiberalEsto Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:14 PM
Response to Original message
1. Do they know what brand of shampoo I use?
You'd think that at some point they would reach Information Overglut. So many details about every aspect of everyone's life that the whole system blows up.
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sofa king Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 07:38 AM
Response to Reply #1
26. If you used a discount shoppers card with the purchase? Probably.
You didn't think you were getting that card just so you could pay normal retail prices instead of the inflated non-member rate, did you?
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Gormy Cuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 09:45 AM
Response to Reply #26
29. +1
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CrispyQ Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 10:40 AM
Response to Reply #1
31. Information Overglut -- Have you ever read "Shibumi"?
There's a super computer called Fat Boy & it has all the data . . . ALL OF IT! The problem is, there are very few humans who have the talent to query Fat Boy with finesse. They either end up with a deluge of info, or not the info they want. The character Llewellyn has that knack, but even he sometimes fails. It was a fascinating little sub-plot of a very good book.
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coalition_unwilling Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 10:44 AM
Response to Reply #31
32. In Information Theory, I believe the glut you are referring to is known
Edited on Sat Dec-03-11 10:45 AM by coalition_unwilling
as the signal-to-noise ratio. When there is too much background noise, i.e., collected data, picking out the signal becomes well nigh impossible. Same logic applies to the NSA intercepts of phone calls. Too much noise prevents identifying a signal within.
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CrispyQ Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 11:51 AM
Response to Reply #32
35. Thanks for that!
Like I said, it was a great sub-plot.
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Newest Reality Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:17 PM
Response to Original message
2. Oh, gee,
and I was hoping for detailed reports on the crooked financial industry and all their illegal, questionable and sometimes hidden deals and transactions.

Oh well. We are examined more microscopically as they hide behind the walls. Neo-liberalism marches on.
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derby378 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:17 PM
Response to Original message
3. Uh, President Obama?
You want to prod someone in the Senate to pass legislation against this before it's too late?
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:26 PM
Response to Reply #3
5. I'm sure he'll rush right to that Bully Pulpit of his...
n/t
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broiles Donating Member (41 posts) Send PM | Profile | Ignore Fri Dec-02-11 06:12 PM
Response to Reply #3
12. Oh good grief!
Weren't we just complaining about giving loans without examining whether people could pay back the money. Isn't this how we got into this problem in the first place.
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derby378 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 07:28 PM
Response to Reply #12
20. A homeowner's association? Really?
You want to give a homeowner's association more power over your financial life? Come on.
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limpyhobbler Donating Member (184 posts) Send PM | Profile | Ignore Fri Dec-02-11 05:21 PM
Response to Original message
4. that should be illegal, n/t










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Newest Reality Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:32 PM
Response to Reply #4
7. I think it may be just a starter!
We must be assessed increasingly: more often and in greater detail.

"I'm sorry but your shoe size and choice of garden tools prohibits us from giving you a loan. Also, we find your personal hygiene purchases to be grossly deficient and your children are overweight. Denied!"
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:31 PM
Response to Original message
6. A country that allows its citizens to be preyed upon like this.......

...... is a country that's in serious trouble.



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Bryn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:35 PM
Response to Original message
8. Great! Making one's life more difficult than already is
Nice! USA USA USA the Fascist Country
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:40 PM
Response to Original message
9. One more reason to never borrow another dollar.
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MaineDeadHead Donating Member (21 posts) Send PM | Profile | Ignore Fri Dec-02-11 05:41 PM
Response to Original message
10. Can't Overturn This
USSC would find it a violation of CoreLogic's Free Speech Rights.
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deathrind Donating Member (43 posts) Send PM | Profile | Ignore Fri Dec-02-11 05:45 PM
Response to Original message
11. Yup...
Recently bought a foreclosed on home with my fianc. I actually had to write a letter saying were engaged with a picture of the ring included. I was astonished at the hoops we had to jump thru. The entire time during this process I could not help but think. These people (mortgage brokers/bankers etc) are some of the very ones who made this problem with the easy lending practices they were pushing and now they have hoop after hoop after hoop one has to jump thru to get a loan and act as if they had nothing to do with it. The magnanimity of it made me sick.
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msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:26 PM
Response to Reply #11
13. you have to verify what you put on your loan application right? nt
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coalition_unwilling Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 10:48 AM
Response to Reply #11
33. "magnanimity"? do you mean instead "magnitude"? or were you
trying for a sarcastic use of 'magnanimity'?

Color me confused.
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:37 PM
Response to Original message
14. Who owns Corelogic?
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SoapBox Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:41 PM
Response to Original message
15. BUT how easily can WE access OUR data?
...most likely not.
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high density Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:43 PM
Response to Reply #15
17. The article says the report is being added to annualcreditreport.com next year
And you can call a number to get your report in the meantime.
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high density Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:42 PM
Response to Original message
16. Collections and liens are already tracked on standard credit reports
Besides the payday loan history I'm not entirely sure what is new here. It sounds more like the NY Times reprinting a press release.
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:43 PM
Response to Original message
18. I see a flipside benefit to this
If I understand how it is going to work, it will also show a POSITIVE rental history, no? This may benefit those who are purchasing a first home to show a history of payments.

Other than that, I see nothing good.
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McCamy Taylor Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:50 PM
Response to Original message
19. Just wait until they hack your medical records. If you develop cancer, your credit card company
Edited on Fri Dec-02-11 06:50 PM by McCamy Taylor
will jack up your interest rate, knowing that you will putting a lot of charges on it. If you try to get a second mortgage to pay for medical debt, your bank will give you outlandish rates, knowing that you really need the money.

The so called Patient Privacy laws that require all our medical records go online---where China and anyone else can hack them----will make us all vulnerable.

And heaven forbid you tell your doctor anything about drug use, alcohol use, psychiatric illness. It will come back to haunt you in denied job offers and denied loans. And maybe even law enforcement entrapment.
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hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 07:44 PM
Response to Original message
21. My credit is so fucked I don't have to worry about this shit.
If I ever start to worry about my credit rating again it'll probably mean I've sold my soul to Satan.

Until then I'll be the eccentric dude who jokes around with medical bill collectors 'cause I know how much it sucks to simply work for Satan.
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Dawson Leery Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 07:50 PM
Response to Original message
22. Yet such strict standards are never kept
for those who run the financial industry.
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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 08:39 PM
Response to Original message
23. kick. unbelievable
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enlightenment Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 10:38 PM
Response to Original message
24. So, one more privately owned, for profit company
taking more control over the lives of citizens than any government agency could ever dream of doing.

yay.
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alp227 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 02:57 AM
Response to Original message
25. I understand why people who loan money may want to look into credit scores,
but those scores become far too disruptive when one can't even find work...and the point of working is to make money to improve one's credit! And credit scores become a profit boon for those companies that plaster themselves all over TV and media.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 05:54 PM
Response to Reply #25
36. +1
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SecularMotion Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 08:21 AM
Response to Original message
27. Kick
:kick:
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 09:33 AM
Response to Original message
28. This makes my blood pressure boil.
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Safetykitten Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 10:01 AM
Response to Original message
30. Silly folks! If you lead a perfect life, how is this bad?
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 05:54 PM
Response to Reply #30
37. See post 25
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coalition_unwilling Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 10:51 AM
Response to Original message
34. In other news, the government today announced that beatings
will continue until morale improves.
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