Payment Reporting Builds Credit
Supplement Negative Credit Files with Positive Information with this little
known resource available to consumers
by Lisa Phillips - updated: August 4, 2010
Supplement Negative Credit Files with Positive Information with this little
known resource available to consumers
by Lisa Phillips - updated: August 4, 2010
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Related Topics:
- You May be Surprised at Who Views Your Credit Reports
- How Credit Scores are Determined
- How to get a Free Credit Report
- How to Order Your Credit Report
- Why you need to know what's in your credit reports
- Who Can View Your Credit Files
- How to Decode your Credit Score
- Supplement your Credit Report with a PRBC Report
- Learn how to Dispute Negative Credit
What is Payment Reporting Builds Credit
Payment Reporting Builds Credit (“PRBC”) is an FRCA compliant national consumer reporting
agency which maintains and reports bill payment information for consumers as well as small
business owners. PRBC is not like the three major credit reporting agencies that collect, store and
distribute debt payment and outstanding debt history on mortgages, credit cards, loans, tax liens
and judgments.
Payment Reporting Builds Credit (“PRBC”) is an FRCA compliant national consumer reporting
agency which maintains and reports bill payment information for consumers as well as small
business owners. PRBC is not like the three major credit reporting agencies that collect, store and
distribute debt payment and outstanding debt history on mortgages, credit cards, loans, tax liens
and judgments.
A PRBC credit report contains bill
payment information on nontraditional
types of credit, such as rent and utility
bills. PRBC partnered with Fair Isaac to
offer a FICO Expansion Score ranging
from 300 to 850. This type of FICO Score
is based on your bill payment history on
the PRBC credit report, much like the
traditional FICO Scores. The highest
scores are given to consumers who pay
their bills on time.
payment information on nontraditional
types of credit, such as rent and utility
bills. PRBC partnered with Fair Isaac to
offer a FICO Expansion Score ranging
from 300 to 850. This type of FICO Score
is based on your bill payment history on
the PRBC credit report, much like the
traditional FICO Scores. The highest
scores are given to consumers who pay
their bills on time.
Types of information contained in a PRBC credit report
The information contained in a PRBC credit report include rent, utility,
cable, telephone, insurance, cell phone, loans from friends and family
members, child support and even daycare provider payments.
How it works
Consumers or small business owners sign-up for enrollment and once
enrolled, you will be able to document positive payment history in a
PRBC credit file by reporting your payments for these types of bills.
You can view your PRBC creport for free at any time. When applying
for credit, you can request the credit issuer pull your PRBC credit
report. The credit issuer will pay a fee to view the PRBC credit report.
PRBC credit report costs
There is no fee for creating a PRBC credit file; however, there is a fee
to the consumer for PRBC to verify timely payments. Credit issuers
requesting your PRBC credit report also pay a fee to view the report. If
you choose to use one of PRBC’s online bill payment partners, you
can request your payments be reported to PRBC automatically as you
pay your bills and no verification fee will be charged.
The information contained in a PRBC credit report include rent, utility,
cable, telephone, insurance, cell phone, loans from friends and family
members, child support and even daycare provider payments.
How it works
Consumers or small business owners sign-up for enrollment and once
enrolled, you will be able to document positive payment history in a
PRBC credit file by reporting your payments for these types of bills.
You can view your PRBC creport for free at any time. When applying
for credit, you can request the credit issuer pull your PRBC credit
report. The credit issuer will pay a fee to view the PRBC credit report.
PRBC credit report costs
There is no fee for creating a PRBC credit file; however, there is a fee
to the consumer for PRBC to verify timely payments. Credit issuers
requesting your PRBC credit report also pay a fee to view the report. If
you choose to use one of PRBC’s online bill payment partners, you
can request your payments be reported to PRBC automatically as you
pay your bills and no verification fee will be charged.
The cost for verification of on-time bill payments
A six (6) month minimum payment history is required in order to have your payments verified. The
cost of verification varies depending on the type of information you request verified. For instance,
rental history verification is $20.00 while utility verification and other accounts is $15.00. Rental
history verification requires a lease signed by you and your landlord.
Who views PRBC credit reports
Upon your consent PRBC sells credit reports to lenders when you apply for housing, credit,
insurance, and employment. PRBC does not sell your information to telemarketers or other
marketing firms. Unlike the three major credit bureaus, you can view your PRBC report as often as
you like, free of charge. However, the FICO Expansion Score is only available to lenders at this time.
Not all credit issuers and lenders accept PRBC Reports. You will have to inquire with lenders, credit
granters, employers or insurance companies to see if they will allow you to supplement your
traditional credit reporting agency information. Recently, Fannie Mae and Freddie Mac began
accepting PRBC Credit Reports for underwriting purposes. This may be an excellent
way to increase your chances of getting approved with good rates when you apply for credit. For
more information visit: www.prbc.com
A PRBC credit report can show that you have paid your bills on time and offers a viable alternative
to the traditional credit reporting agencies.
A six (6) month minimum payment history is required in order to have your payments verified. The
cost of verification varies depending on the type of information you request verified. For instance,
rental history verification is $20.00 while utility verification and other accounts is $15.00. Rental
history verification requires a lease signed by you and your landlord.
Who views PRBC credit reports
Upon your consent PRBC sells credit reports to lenders when you apply for housing, credit,
insurance, and employment. PRBC does not sell your information to telemarketers or other
marketing firms. Unlike the three major credit bureaus, you can view your PRBC report as often as
you like, free of charge. However, the FICO Expansion Score is only available to lenders at this time.
Not all credit issuers and lenders accept PRBC Reports. You will have to inquire with lenders, credit
granters, employers or insurance companies to see if they will allow you to supplement your
traditional credit reporting agency information. Recently, Fannie Mae and Freddie Mac began
accepting PRBC Credit Reports for underwriting purposes. This may be an excellent
way to increase your chances of getting approved with good rates when you apply for credit. For
more information visit: www.prbc.com
A PRBC credit report can show that you have paid your bills on time and offers a viable alternative
to the traditional credit reporting agencies.
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