Payment Reporting Builds Credit: Supplement Negative Credit Reports

Article by Lisa Phillips

Having negative credit can affect your entire life. Not only are banks, lenders and credit card issuers pulling your credit file, employers are now using credit history as a determinant in hiring. It is getting harder to escape the consequences of having bad credit. Not everyone with bad credit is late paying all of their financial obligations. You may be timely with your rent, utility, cable, cell phone, child support and even daycare obligations. Now you have an alternative way to prove your creditworthiness. Payment Reporting Builds Credit (“PRBC”) is a national consumer reporting agency and credit bureau which collects, stores and reports bill payment information.

Payment Reporting Builds Credit (“PRBC”)

Since 2002, PRBC has been collecting, storing, scoring and reporting data for consumers and small businesses in accordance with Fair Credit Reporting Act. PRBC gives the consumer and small business owner a way to build a credit file and demonstrate creditworthiness that is different from the traditional credit reporting agencies. Payment Reporting Builds Credit produces a PRBC credit report and bill payment score based upon your payment history with non-reporting rent and recurring bills which are not traditionally reported to Experian, Equifax and Transunion credit reporting agencies. A PRBC credit report can show you have paid your bills on time. They maintain your bill payment history in your file for up to seven years and this information will only be shared with your permission.

Types of information contained in 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.

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. Not all credit issuers will agree to pull your PRBC report.

How much does it 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 your credit file

There is a six (6) month minimum payment history requirement in order to have your payments verified. After the six-month payment history requirement has ended, the cost of verification will vary depending on the type of information you request verified. For instance, rent payment history verification may be $ 20.00 while utility payment 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, banks, employers and other companies when you apply for housing, a mortgage loan, credit, insurance, or 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. You maintain control over who will view your PRBC report.

Not all credit issuers, lenders and employers accept PRBC reports. You will have to inquire and request this type of report supplement your traditional credit information. Recently, Fannie Mae and Freddie Mac began accepting PRBC Credit Reports for underwriting purposes. A PRBC credit report may be an excellent way to increase your chances of getting approved with good rates when you apply for credit. For more information on Payment Reporting Builds Credit visit their website at

For tips on improving your credit score visit: Rebuild Credit Scores

Lisa Phillips is a marketing consultant specializing in business expansion and development. Because many small business owners lack the personal and business credit necessary to grow and expand, she has developed a free website to aid consumers as well as entrepreneurs in rebuilding and taking control of their credit.

What to do about negative Bank of America credit report

Article by Ask Bill

You were in the process of applying for a loan or refinancing and you obtained your Bank of America credit report but saw a negative comment on it. You are now wondering what you should do about your Bank of America credit report and the negative comment. You checked with the bank to find out why you got a derogatory comment on your report but it could not give you a good explanation. As far as you can remember, you do not think you did anything to warrant a negative comment on the report. So what next? Below are the steps to take if you think that the negative comment should be removed so that it does not mar your credit score. You must always bear in mind that the credit report may not be an accurate measure of your finances and credit history as it only takes into account your financial situation in the most recent 60 to 90 days. If it makes you feel better, you will be glad to know that at least a quarter of the reports requested from credit reporting agencies end up in dispute and a quarter of the disputes are accurate. Also according to the Fair Credit Reporting Act (FCRA), consumer credit reporting companies are required to report accurate information and you may dispute any inaccuracy you noticed in your report. Now, the steps you could take to dispute your report are: 1. You need to obtain your free credit report either rom Equifax, Experian or TransUnion. You can get the free report once a year. You can obtain your report through the Annual Credit Report request service. You are also allowed to request for a report from each of the company. To obtain the report, you will need to provide your full name, date of birth, current address and Social Security number. However, the information required by each company varies. 2. Once you get the report, check it thoroughly for errors such as your name, social security number and your current and previous addresses. You need to ensure these information are accurate as there could be mistakes made in your report. 3. Take steps to correct the mistakes in your report by writing to the consumer credit reporting company and informing it about the error or inaccuracy. You may need to list out the information in dispute and then make a request that it is removed or corrected. The consumer reporting company will then investigate your disputes within a 30-day period. Once the consumer reporting company has completed its investigation, it may send you a letter to inform you of the results. It may also send notices to anyone who may have received your report in the past six months. So, in essence, if you had applied for a Bank of America refinance loan three months ago and it was rejected due to the mistakes in your credit history report, this may help you in your future application. 4. Finally, you may submit your dispute in writing to the creditor or other information provider. To do that, you may need copies of the documents to support your claim of inaccuracy. Bank of America has an address where you can submit your dispute. When it reports the item to a consumer reporting company, it may need to include a notice of your dispute and if it is true that the information in the report is inaccurate, then the item will be removed. Bank of America is one of the nation’s top lenders and when you try to apply for a loan, your financial report card or credit history is an important factor that the lender looks at. That’s because the lender wants to know more about your financial background and it needs to know whether you are able to repay the loan you plan to take from it. So, when you apply for a Bank of America refinancing, the information that credit reporting agencies will collect to make up your financial report card includes all your personal information, your credit accounts and reports from your creditors, a list of those who had asked for your report and public record such as foreclosures, lawsuits, liens, judgments and bankruptcies. Having a healthy, good, financial background is essential to obtain approval for loans. So if you do see any mistakes in your credit report, make a point to dispute it and have it removed.

Find More Reports Articles