Payment Reporting Builds Credit:
Supplement Negative Credit Files with Positive Information
by Lisa Phillips
March 2008
Supplement Negative Credit Files with Positive Information
by Lisa Phillips
March 2008
What is Payment Reporting Builds Credit
(“PRBC”) is a FRCA compliant national consumer reporting agency and
credit bureau which collects, stores and reports bill payment information
for consumers as well as small business owners.
It gives the consumer and small businesses a way to build a credit file to
demonstrate creditworthiness. Payment Reporting Builds Credit produces
a PRBC Report and Bill Payment Score that can be used to supplement
your Experian, Equifax and Transunion credit reports.
A PRBC Report can show that you have paid your bills on time. They
maintain your bill payment history in your file for seven years. This
information will only be shared with your permission.
Types of information contained in a PRBC credit report
The information contained in a PRBC Report include rent, utility, cable,
telephone, insurance, cell phone, loans from friends and family members,
child support and even daycare provider payments. PRBC keeps track of
consumers’ history of paying rent, utility and other bills which are not
reported by Experian, Equifax and Transunion.
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
will be able to view your report for free at any time. When applying for
credit you can request the credit issuer pull your PRBC report and the
credit issuer will pay a fee to PRBC to view your report.
The cost to create a PRBC report
While there is no fee for creating a PRBC credit file, there is a fee to the
consumer for PRBC to verify the timely payments you report to your file.
Credit issuers requesting your PRBC credit file also pay a fee to view
your file. 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
First, there is a six (6) month minimum payment history requirement in
order to have your payments verified. The cost of verification varies
depending on the type of information you request verified. For instance,
a rental history verification may be $20.00 while a utility verification may
be $15.00. You can request package deals for verifications which include
cable, phone and electric bills.
Who views PRBC credit files
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
would like, free of charge. You maintain control over who will view your
PRBC report.
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 bureau
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
(“PRBC”) is a FRCA compliant national consumer reporting agency and
credit bureau which collects, stores and reports bill payment information
for consumers as well as small business owners.
It gives the consumer and small businesses a way to build a credit file to
demonstrate creditworthiness. Payment Reporting Builds Credit produces
a PRBC Report and Bill Payment Score that can be used to supplement
your Experian, Equifax and Transunion credit reports.
A PRBC Report can show that you have paid your bills on time. They
maintain your bill payment history in your file for seven years. This
information will only be shared with your permission.
Types of information contained in a PRBC credit report
The information contained in a PRBC Report include rent, utility, cable,
telephone, insurance, cell phone, loans from friends and family members,
child support and even daycare provider payments. PRBC keeps track of
consumers’ history of paying rent, utility and other bills which are not
reported by Experian, Equifax and Transunion.
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
will be able to view your report for free at any time. When applying for
credit you can request the credit issuer pull your PRBC report and the
credit issuer will pay a fee to PRBC to view your report.
The cost to create a PRBC report
While there is no fee for creating a PRBC credit file, there is a fee to the
consumer for PRBC to verify the timely payments you report to your file.
Credit issuers requesting your PRBC credit file also pay a fee to view
your file. 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
First, there is a six (6) month minimum payment history requirement in
order to have your payments verified. The cost of verification varies
depending on the type of information you request verified. For instance,
a rental history verification may be $20.00 while a utility verification may
be $15.00. You can request package deals for verifications which include
cable, phone and electric bills.
Who views PRBC credit files
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
would like, free of charge. You maintain control over who will view your
PRBC report.
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 bureau
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
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Links
Disputes
Tips for Disputing Negative information in your
Credit Files
Debt Validation
How to halt the collection process by requesting
a collection agency to validate your debt
Collection Agencies
Information on Effectively Dealing with Collection
Agencies
Get Deletions
Request deletions when paying a negative
account. Paid collections do not improve your
credit scores.
Tips for Disputing Negative information in your
Credit Files
Debt Validation
How to halt the collection process by requesting
a collection agency to validate your debt
Collection Agencies
Information on Effectively Dealing with Collection
Agencies
Get Deletions
Request deletions when paying a negative
account. Paid collections do not improve your
credit scores.
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