One of the most innovative things to roll out of the world of credit recently is the Payment Reporting Builds Credit organization. (PRBC) In a nutshell the PRBC company is an alternative to the big three credit reporting bureaus: Equifax, Experian, and Transunion. Yeah boy! Stick it to the man!
What makes PRBC so innovative is their approach to gauging credit worthiness by tracking your recurring payments to your utilities such as phone, water, gas and other non-traditional credit you may carry such as loans from family. (via CircleLending.com) You can even report your on time rent to them! So in short, even if you FICO score is so low your credit report isn’t good enough for lining your kitty’s litter box, you can have a stellar “credit” rating via PRBC if you pay all your other recurring bills on time.
The beautiful thing is that many nationwide lenders including Fannie Mae loans will accept (or are required to) your PRBC report. Good news for those who had credit travails in their past.
How can PRBC help me?
1. It helps you to build your credit. Your traditional credit reports and scores do not include on-time commonly recurring bill payments, such as rent, insurance, cable, phone, remittances, day care, child support, and utilities. PRBC is the only credit bureau that enables you to build your credit by having your positive bill payment history reported on your behalf.2. It helps you to save money. Building a positive PRBC bill payment history and Bill Payment Score demonstrates your creditworthiness and fiscal responsibility. Having a positive PRBC bill payment history can save you thousands of dollars on a mortgage, hundreds of dollars on an auto loan, insurance, and other major purchases.
3. It helps you because enrollment and basic PRBC services are free.
PRBC does not charge you a fee to self-enroll, accept account and payment information from approved PRBC Data Providers, view your PRBC data, or resolve disputes about information reported about your accounts by PRBC Data Providers. If you wish to build a bill payment history by providing historical payments to PRBC, there may be a nominal fee to verify those historical accounts and payments. Visit www.prbc.com/consumers to learn more.
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So if you keep getting turned down for favorable mortgage refinancing or you want to maximize your mortgage position in some other way it may be well worth your time to start accumulating a history with PRBC.
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