New kind of credit report looks at more payment types

Millions of consumers are familiar with the way their credit report currently works, but a new kind of reporting system might give them the chance to improve their standing.

A new kind of credit report known as the CoreScore allows consumers to not only have their borrowing history counted as part of their history, but also other aspects of their financial lives, according to a report from Los Angeles, California, television station KABC. That can include everything from paying rent to making sure utility bills are paid on time.

Some say that the added aspects might help boost the standing of some consumers who otherwise have suffered credit drops when falling behind on mortgage or credit card payments, the report said. But critics believe that erroneous or disputed bills might end up hurting some Americans' financial standing.

Of course, consumers may also want to comb their traditional credit reports to ensure that no unfair, inaccurate, or unsubstantiated markings are lowering their credit scores. Working with a credit repair law firm to have such problems removed from their files may provide a sorely needed credit score boost.