Wow! The New York Times ran an article about CoreLogic, a company that collects information on your spending habits that traditional credit bureaus miss. CoreLogic will report if you’re behind on homeowner’s association dues, any missed rental payments in collections and applications for payday loans, for instance, according to the New York Times article.
The service is tailored for mortgage and home equity lenders. I know that it’s important to pay all of your bills on time. I just feel like most credit bureaus get a pretty accurate account of your financial profile. Do lenders really need to know if you took out a pay day loan? Then again, they know when we apply for a credit card, so I guess a pay day loan could be fair game.
The company is considering adding cell phone and utility payment history to the file, too, according to the article.
I DO think the service is a bit much, but with so much of our information on the Internet and part of public records, what can a Frugalista do?
I don’t think the mortgage crisis, though, was caused by people who missed only a cell phone payment. It was caused by people getting approved for mortgages that decision makers knew that they could not afford.
Society is becoming less and less forgiving!
What do you think about this company that keeps track of all of your payment history? Is it a safeguard? Is it intrusive? How much information is too much information? Is there such a thing?