The Anna Maria Island Sun Newspaper

Vol. 12 No. 8 - December 7, 2011


New credit reports coming

Between the IRS, Facebook and electronic medical records, your life with all of its flaws is pretty much available at the stroke of a couple of `keys. Well now what little may be left unreported regarding your financial life will be no more; pretty soon it's all going to hang out.

At the end of November, a new credit report became available to lenders which will provide them with much more detailed and current information than was ever available before. The new CoreScore credit report developed by CoreLogic is designed to provide increased transparency into a borrower's credit history. According to CoreLogic, this exclusive service can deliver in seconds a credit report which will combine proprietary data along with traditional credit report data in a single report.

In addition to reporting traditional credit report data from the national credit bureaus, CoreLogic will combine this information along with a more enhanced picture of an individual's credit behavior. For example, it will report tax liens, unpaid homeowner association dues, late child support payments, properties owned both with and without debt obligations, mortgage obligations with companies that may not report to traditional credit report agencies, property legal filings, such as notices of default, property tax amounts and payment status, estimated market values of all U.S. properties owned, rental applications and evictions, inquiries and charge offs from pay day and online lenders, consumer specific bankruptcies and rent to own contracts. Basically almost any documented legal or financial situation you've ever been in.

Also, public record transactions will now be updated in 23 days rather than the two months previously required. Moreover, unlike credit reports which can be as much as 90 days behind in data, CoreScore data are updated daily. All of this, of course, gives lenders an up to the minute picture of someone's credit worthiness.

Although the new credit report is geared at helping lenders make a more informed credit decision quickly, CoreScore can also work the other way by helping borrowers. The new report is so current and detailed that it could actually identify a hidden performance that could improve a consumer's credit profile. This could include a good history of paying rent on time, cell phone bills and credit union loans which frequently do not show up on traditional credit reports.

This new report could become a vital part of a lender's procedure, since one in 13 mortgage applications had missing material, one in four had open but unreported mortgage obligations and one in five had open but unreported delinquencies or derogatory lines of credit.

CorLogic says its new product complies with the Fair Credit Reporting Act and itwill participate with the free once a year credit report available to consumers at

The company has also made deals with some of the country's top mortgage servicers to identify borrowers at the greatest risk of strategic defaults on their underwater properties. Presumably with this information lenders could turn the property owner around before they default.

With so few secrets left in the world, life is getting a little boring. Personally I don't need to know exactly what cousin Sally is doing for dinner or what a great deal she just got on shoes, but then I don't give people I don't know hundreds of thousands of dollars. I I did, I would definitely want to know what color the shoes were.

Real Estate Transactions
Real Estate Transfers from November 1 to 15, 2011
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

11/02/2011 999,000 950,000 851 N. Shore Dr. 1487 3 Br/2.5 Ba SFR
11/04/2011 549,000 450,000 217 Chilson Ave. 1898 75x148 3 Br/2 Ba SFR
11/09/2011 1,495,000 1,350,000 505 Magnolia Ave. 2923 75x115 4 Br/4 Ba SFR
11/10/2011 425,000 370,000 900 N. Shore Dr. 3326 50x100 5 Br/4 Ba SFR Short Sale

Bradenton Beach

11/04/2011 399,000 361,000 1800 Gulf Dr. N. # 207 952 2 Br/2 Ba Condo Reo/Bank
11/15/2011 150,000 150,000 1603 Gulf Dr. N. # 7 540 1 Br/1 Ba Condo
11/04/2011 629,000 590,000 105 Bridge St. &
106 Third St. S. 5434 50x100


11/15/2011 439,000 419,000 4134 Osprey Harbour Loop 1912 2 Br/2 Ba Condo

Holmes Beach

11/01/2011 695,000 670,000 100 52nd St. # A 2196 3 Br/3.5 Ba Condo Short Sale
11/04/2011 1,150,000 990,000 8319 Marina Ct. 3383 94x100 4 Br/3.5 Ba SFR
11/10/2011 2,800,000 2,850,000 5501 Marina Dr. 3204 Com
11/01/2011 150,000 130,000 4804 Gulf Dr. 50x90 Vac Short Sale

Source: Manatee County Property Appraiser’s Office

AMISUN ~ The Island's Award-Winning Newspaper