The Ups and Downs of More Invasive Credit Reports
CoreScore is a credit report provider that includes a whole host of consumer info, from rental applications to pay day loans to even payments to local electric companies.
This can be good or bad depending on your situation. So let’s break it down:
The good: if you’ve been diligently paying your dues, then you have little to worry about with these more invasive forms of credit reports. You might even find a lender more willing to work with you if they can see a spotless payment history, which is the fundamental concept of the whole credit scoring system in the first place.
The bad: the system, however, is not perfect. Some people may have perfectly legitimate reasons for not paying the bills, like not paying rent because of a busted heating system or not paying the electric bills because of ongoing repairs. And then there’s the issue of privacy. Do you really want people scrounging up information on who you’ve been paying rent money to?
The ugly: in the end, it will be up to you to scrutinize these invasive credit reports and challenge any problematic issues you can find. We can petition the government to step in with more privacy laws, but these two options are the only realistic ones we have on the table right now.