Credit Score on Steroids to Track Consumers Every Financial Move

If you think lenders to date have poked their nose too far into your financial affairs, you’re in for a shock.  A new service by a company called CoreLogic is now leveraging massive amounts of data – from your past and current financial actions – to strip your financial profile to the bone.

This new service will delve into things like missed rental payments, applications for payday loans, repayment histories, child support payments, evictions, whether you’re behind on property taxes , owe homeowners dues, include information about whether you’re underwater on your home, information about all your properties, and more. They are also evaluating including information on things like your cellphone and utility bill payment histories.

The goal of the service is to give lenders a better picture of the real economic state of potential lenders to help them better screen loan applicants.

But what does it do to you and your privacy?

You don’t get to decide if this information is collected about you or not, and when combined with everything else tracked and indexed about you – your location, your web patterns, any posts you make, or posts others make about you, government data like your birth, marriage, divorce, property, voter records, vehicles, addresses, etc. the intrusion is alarming.

And this is just the tip of the iceberg.  As reported in the New York Times, Joanne Gaskin, director of product management global scoring at FICO (who is partnering with CoreLogic ) says the company’s next step is to build something that will try to get even deeper inside your financial mind; a more sophisticated tool that will predict how you might behave under different loan terms.

Sound like a new twist on the 2002 film Minority report? Unfortunately this time it isn’t a movie.

To learn more about CoreLogic and what this service may mean to you, there is an excellent New York Times article titled A Credit Score That Tracks You More Closely, written by Tara Seigel Bernard that I highly recommend.  She summed the article up with “while the credit bureaus may not yet know every last detail about your financial life, you should assume that they are watching”.

Where will we as a society draw a line in the sand?

Of course businesses want this information – and more –about you. The question is, whether we’ll roll over; cede our privacy, including projections of our future actions, to corporations.

As the old Lynyrd Skynyrd song put it ‘if you know what I mean why don’t you stand up and scream, cause there’s things going on that you don’t know’.



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