Business
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Credit Help For Renters And Others On The Horizon
   
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The How-To's Of Firing Incompetent Employees
CATEGORIES OF OFFENSES: Most organizations have two categories of offenses in their policies. One category is for flagrant actions which are .....
Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sues on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union.CATEGORIES OF OFFENSES: Most organizations have two categories of offenses in their policies. One category is for flagrant actions which are .....
Joe on the other hand is a renter, who wants to buy his first home in the near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Because the major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joes credit score. Chances are good that Joes credit score will be lower than Sues because his on-time rent payments go untracked by the credit bureaus.
As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesnt it? The good news for Joe and other renters like him is that the credit reporting system is about to change.
In a recent Chicago Tribune article, reporter Kenneth R. Harney points to the creation of a new national credit bureau whose sole mission is to track the payments that nobody else tracks. The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide over the next 5 years.
According to PRBCs founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nations major home lenders, is already a subscriber of the new service.
Some other highlights of PRBCs service include:
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Limited Editions: Antique Books
Antique books are a fascinating glimpse into world history and the people who once made that history. Antique book collecting .....
Limited Editions: Antique Books
Antique books are a fascinating glimpse into world history and the people who once made that history. Antique book collecting .....
24/7 access to online files by consumers, free of charge.
Consumers must give permission to have their files accessed by lenders.
Consumers can input up to 36 months of documented on-time payments.
They accept payment histories from phone, credit and debit cards so long as the source (merchant) can send a date-stamped electronic receipt of payment.
Learn To Assert Yourself
Pinpoint your own blocks to assertiveness: fear of disapproval, need to please others, fear of being too .....
Many consumers who bank online can have their payment information recorded by PRBC once the bureau becomes fully functionalPinpoint your own blocks to assertiveness: fear of disapproval, need to please others, fear of being too .....
PRBC can benefit not only renters but also young and minority borrowers who have little or no credit history with the traditional bureaus. We think we can help create equal credit opportunities for everybody who deserves a a prime rate loan, Nathans said.
Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com.
Credit Counseling What Is It?
If you are in difficulty financially, you have in all probability heard the term credit counseling, however do you understand what it is? Most times this .....
About The AuthorIf you are in difficulty financially, you have in all probability heard the term credit counseling, however do you understand what it is? Most times this .....
2003 James H. Dimmitt, www.yourfreecreditreportnow.com
James is editor of To Your Credit a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
jimdim815@aol.com