By: James Dimmitt
Debt Consolidation And Credit Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue's on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union.
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Check Credit Rating 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 Joe's credit score. Chances are good that Joe's credit score will be lower than Sue's because his on-time rent payments go untracked by the credit bureaus.
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Improve Credit Rating 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 doesn't it? The good news for Joe and other renters like him is that the credit reporting system is about to change.
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Credit Online Rating Report 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.
- The signature on the renter's contract must match the signature on the reverse of the renter's credit card. her CVC number. This number will be captured in brackets next to the abovementioned authorization code.
- Credit card imprints must be clear.
- Credit card imprints must appear clearly on both the original Rental Agreement, and any copies issued.
- Handwritten
Credit Score Rating Scale According to PRBC's founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nation's major home lenders, is already a subscriber of the new service.
Your online credit report instantly gives you a snapshot of where your credit history currently stands and how it is affecting your credit score. This snapshot can help you determine how big a mortgage you' and at what interest rate. ( The better your credit score, the lower your interest rate can be.)
Bad Card Credit Credit People Some other highlights of PRBC's service include:
Free Credit Rating Report - 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.
- Many consumers who bank online can have their payment information recorded by PRBC once the bureau becomes fully functional
Credit Rating Scale 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.
Bad Credit Rating Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com.
Credit Rating Agency
Credit Rating Canada © 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt - James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting http://www.yourfreecreditreportnow.com
Source: http:// www.isnare.com
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