Definition
Payment Reporting Builds Credit (PRBC) is a credit bureau that offers credit reporting based on alternative forms of credit.
Analysis
PRBC provides a system similar to the method used by Dun & Bradstreet in its business credit reports. Consumers may open their own credit file and pay for verification of their non-traditional forms of credit.
From this information as well as other data collected on the consumer, a credit score can be calculated. PRBC utilizes the FICO Expansion Score, which is marketed to lenders. There is no product available for purchase by consumers. They can however review their file for free.
PRBC is relatively new, but is quickly gaining ground against the three main consumer credit bureaus. Many lenders are subscribing to PRBC reports in order to tap into the estimated 50 million unscorables in the U.S. marketplace.
PRBC allows consumers to develop a credit file that includes bills not normally reported to the three main credit bureaus. These include:
- Rent
- Cable
- Phone
- Cell Phone
- Daycare
- Insurance
- Electricity
- Natural Gas
