WEST PALM BEACH, Fla. — Millions of Americans are about to get a new credit score.
A company called Core Logic announced it will be putting out something called a Core Score. Much like the three established credit reporting companies, this score will attempt to rank a consumer’s financial history. But the Core Score aims to be much more comprehensive.
“It can really hurt you because it takes into consideration, again, everything you’ve ever done, if you’ve ever missed a rent payment, a car payment, if you’ve had payday loans,” said Andrew Bernstein of DebtHelper.com.
Bernstein said the company looks at court records and factors homeowner association and condo board liens. It also looks at wage garnishments, alimony payments even a missed utility payment. What is also different about the new Core Score, Bernstein said, is that credit troubles don’t disappear after seven years.
“Even a bankruptcy only stays on between seven and 10 years,” said Bernstein. “But with this new Core Score, that will be on there for life.”
Bernstein said the new score could actually be quite beneficial to those who haven’t owned property or a car because it will be able to give a person a credit score, thus giving them access to a mortgage or car loan.
“In a way, I think it’s good because if you’re missing those bills, it’s just as easy to turn around and miss important, credit-bearing bills,” said Amanda Fetscher, while shopping at a Lake Park Target.
At first, it’s expected the score will only be used when consumers attempt to get a mortgage or car loan. It’s expected to be more widely marketed in the coming years. Landlords and employers might even use it when making renting and hiring decisions.