Wednesday, December 7, 2011

New Credit Reporting Agency to Scrutiny Consumers

Millions of dollars are being made with the sale of credit information, and now a new player on the block is emerging with an eye toward taking credit reporting to an entirely new level. This week, a company called CoreLogic introduced a new type of credit file, one that tracks everything that most of the traditional credit bureaus do not. The company is even considering adding your payment history on utility and cellphone bills. Fabulous.

CoreLogic's premise is that it will delve deeper into people's financial history, to further protect lenders. Hmmm. It seems like we're the ones who need protection from financial institutions, not vice versa. After all, didn't mortgage lenders, along with their closer personal friends in Washington, create the current crisis? Ah well, read more about it in the New York Times story here.

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