If you're thinking that being approved for a mortgage could not become any more difficult, it just did.  Currently lenders are sifting through credit scores and taking a closer look at your past financial behavior before making any decisions.  A company called CoreLogic has introduced a way of looking closer than ever at your credit history; your new credit report will reflect all consumer data to include information that credit bureaus typically don't supply.  They now keep track of missed rental payments, evictions, child support judgements, loan repayment history and also payday loans.  The new report will also reflect any property tax liens or delinquent  homeowner's association dues.  This report is intended to provide lenders with a  more in depth look at prospective borrowers by supplying additional information to what has already been provided by the big three credit bureaus (Equifax, Experian, and TransUnion).

CoreLogic has formed ties with FICO, the leading credit score provider for lenders, and scores will now reflect teh new consumer based information.  For many consumers this progression can reveal fine details that have previously gone undetected adn can be detrimental to their previously untarnished scores.  Granted while this added information can be beneficial to those trying to build credit, it can ultimately have a negative effect on the majority of the population.

Though the CoreScore credit report was released in late November, the official scores will not be available until March 2012, and we have yet to realize what these reports will reflect and how detailed they will be.  Some worry if it will be a fair report; supposing rent went unpaid due to the landlord's delinquency, will this still reflect badly on the tenant?  There is much to be considered here.  Furthermore, these reports can serve as a hindrance when applying for an auto loan or mortgage if the newly released information paints a more negative picture of the person's credit history.  While the CoreScore will not replace the classic scores used by FannieMae, FreddieMac, or the Federal Housing Administration, which are responsible for majority of mortgages, it could influence a lender's decision adn has the possibility to result in an increased interest rate on a mortgage.  The reports will be accessible by lenders of all types and as well as marketed to employers and insurers.

CoreLogic claims to cull information from various databases and sources on a regular basis to keep reports up to date.  Their reports are said to reflect new mortgages as early as 23 days later while currently this information isn't showing up until 60 days after closing.  CoreLogic is hoping to make further adjustments to reflect payment history on utilities and cellphone bills.  Since the company is subject to the Fair Credit Reporting Act, consumers can dispute any questionable information they supply.  As of next year these reports will be available on AnnualCreditReport.com where consumers are entitled to one free report per year.  It is advised that you keep an eye on your finances as you never know who else is watching.