Sue is a homeowner and pays her mortgage and other bills on time like a fantastic credit score customer. Sue’s on-time mortgage payments are reflected in her credit score score profiled by the three major credit score bureaus Equifax, Experian and Trans Union.

Joe on the other hand is a renter, who desires to purchase his initial home in the near to lengthy term. He pays his lease on time every month as well as his telephone and utility bills. Joe is also a fantastic credit score customer but his on-time payments are not reflected in his credit score profiles. Why? Simply simply because the major credit score reporting companies are not set up to track this kind of payment and therefore they are not reflected in Joe’s credit score score. Probabilities are fantastic that Joe’s credit score score will be reduce than Sue’s simply simply because his on-time lease payments go untracked by the credit score bureaus.

As a result Joe will be quoted a higher interest rate and higher costs to his lender when he applies for his initial home mortgage. Appears a bit unfair does not it? The fantastic news for Joe and other renters like him is that the credit score reporting plan is about to alter.

In a present Chicago Tribune write-up, reporter Kenneth R. Harney elements to the development of a new nationwide credit score bureau whose &ampquotsole mission is to track the payments that nobody else tracks.&ampquot The new credit score reporting company PRBC (Spend Lease, Build Credit) desires to build credit score files on as numerous as 10 million renters nationwide over the subsequent 5 numerous years.

According to PRBC’s founder and chief executive Michael Nathans, the new bureau will make revenue by selling supplemental credit score reviews to loan companies. CitiMortgage, Inc., one of the nation’s major home loan companies, is currently a subscriber of the new service.

Some other highlights of PRBC’s service include:

• 24/7 entry to online files by clients, free of price.
• Customers should give permission to have their files accessed by loan companies.
• Customers can input up to 36 months of documented on-time payments.
• They accept payment histories from telephone, credit score and debit cards so lengthy as the supply (merchant) can send a date-stamped digital receipt of payment.
• Numerous clients who bank online can have their payment info recorded by PRBC as soon as the bureau becomes totally functional

PRBC can benefit not only renters but also young and minority borrowers who have small or no credit score track record with the conventional bureaus. &ampquotWe believe we can help produce equal credit score possibilities for everyone who deserves a a prime rate loan, &ampquot Nathans said.

Customers can signal-up for free with the new bureau online at http://www.payrentbuildcredit.com.

About The Writer

© 2003 James H. Dimmitt, www.yourfreecreditreportnow.com

James is editor of &ampquotTo Your Credit&ampquot a Totally free weekly newsletter for clients. You can subscribe at http://tinyurl.com/bgo9

jimdim815@aol.com