When you have no credit report and no credit score your PRBC report may help.
What is a PRBC report?
The PRBC stands for “Payment Reporting Builds Credit”.
It is a fairly new consumer reporting agency that maintains a record of financial transactions such as rent, payment of utility bills, mobile bills etc. When you have known credit history you are likely to not have a credit report or credit score. Without having a credit report it can be difficult to qualify for credit for the first time. Without any kind of a credit record most of lenders and creditors might be unwilling to take the risk of granting you credit specially in the current economic conditions. This is where the PRBC report can be of help. The PRBC is not like the national credit reporting agencies that correct information only about your credit activities. The PRBC allows you to register yourself and report your own information about Bill payments on utilities, phones and other services that are not considered as typical credit. The other difference is that there is no fee to view your payment history.
Your PRBC Report
PRBC compiles your payment history when you add your transactions to it.
It is however in order to have the PRBC verify the history of your transactions you need to pay a fee. For getting a rental history account verified you need to pay them $20 whereas for any other accounts you will need to pay $15. In order to have an account verified you need to complete an authorization form, provide two forms of identification and send a recent statement. Rental history verification will need you to send in a lease signed by you and your landlord. You can fax or send the required documentation through postal mail.
You can also have your payment history automatically updated and verified by the PRBC by enrolling in their online Bill pay services. These services are available with certain PRBC business partners. For person who does not have a credit report the PRBC report can come in handy improving to the lender that you are in a position to handle the payment of a credit bill on a monthly basis.
The lender can only access your PRBC report with your permission. The PRBC has also partnered with fair Isaac to offer a fico expansion score that scores your creditworthiness and risk based on your Bill payment history. The expansion score is a lot like the regular fico score with the score ranging from 300 to 850. The measure and score rating is pretty much the same as normal credit score where people with a better history of the Bill payment will get a higher score. The fico expansion score is not yet available to consumers to view but lenders can access it to approve credit applications.