Any WilliamPaid.com Reviews?

[Anonymous]

I'm considering using this service with to pay rent and have it report to the CRA under DH (FICO around 500) and I to help us build up our scores. Rent is always paid on time anyways.

From the site:

Build credit by paying your rent on time. We’ll verify your payments and report them to a credit bureau to help build your FICO® Expansion Score. Isn’t it time your rent payments benefited someone other than your landlord?

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Whether you're on the lease or not, we can report your share of the rent to the credit bureau. As an FCRA-certified data furnisher, and making payments through WilliamPaid, we know that your rent has been collected and paid directly to the landlord.

Has anyone used this service?  Positive or negative experiances?

[GregB]

A FICO Expansion Score is NOT a regular FICO score used by a normal lender.

It is an attempt to establish a new score model that might eventually be used by some lenders in markets where the applicant has little normal credit history.

I can't see this doing you any good today. It might help in the future. It depends if any lenders start using this.

 I think it is VERY unlikely that any of the normal lenders will use this. Completely different new credit score models, like Vantage Score, don't seem to get anywhere.

[rckstrscott]

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@GregB wrote:

A FICO Expansion Score is NOT a regular FICO score used by a normal lender.

It is an attempt to establish a new score model that might eventually be used by some lenders in markets where the applicant has little normal credit history.

I can't see this doing you any good today. It might help in the future. It depends if any lenders start using this.

 I think it is VERY unlikely that any of the normal lenders will use this. Completely different new credit score models, like Vantage Score, don't seem to get anywhere.

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There is no end to the people trying to capitalize financially on the confusion that circles the credit scoring industry...

-scott

[Anonymous]

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@rckstrscott wrote:

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@GregB wrote:

A FICO Expansion Score is NOT a regular FICO score used by a normal lender.

It is an attempt to establish a new score model that might eventually be used by some lenders in markets where the applicant has little normal credit history.

I can't see this doing you any good today. It might help in the future. It depends if any lenders start using this.

 I think it is VERY unlikely that any of the normal lenders will use this. Completely different new credit score models, like Vantage Score, don't seem to get anywhere.

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There is no end to the people trying to capitalize financially on the confusion that circles the credit scoring industry...

-scott

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And that's why I'm happy there are the MF people to help me save money

[rckstrscott]

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MicroBilt Tapped to Resell Fair Isaac's FICO Expansion Score

MINNEAPOLIS - February 10, 2005 - Fair Isaac Corporation (NYSE:FIC), pioneer of the FICO® credit score used by most lenders to evaluate consumer credit risk, today announced that MicroBilt Corporation, an information provider that helps banks and businesses reduce risk, will become the first reseller of Fair Isaac's FICO® ExpansionTM score to the financial services industry.

FICO Expansion score taps non-traditional sources of consumer data to help lenders assess credit risk for the estimated 50 million U.S. adults who cannot receive a traditional FICO score because they have little or no credit history on file at traditional credit bureaus.

"By adding Fair Isaac's new score to our decisioning applications, MicroBilt will help lenders confidently expand into the credit-underserved market," said Ken Hill, president of MicroBilt. "The FICO brand is widely respected throughout the financial services industry, and we're pleased to be the first to add Fair Isaac's newest, innovative score to our product line."

"MicroBilt is well positioned to help lenders and other businesses easily access the FICO Expansion score and open up the credit-underserved market," said Lisa Nelson, vice president of Fair Isaac Credit Services, Inc. "FICO Expansion score is the only credit risk score developed for serving this population that carries the FICO reputation for quality and predictiveness. Providing access to our score through value-add resellers such as MicroBilt should accelerate lenders' ability to bring better credit offers to millions of consumers who have little or no credit history."

While an estimated 160 million Americans have documented credit histories adequate for calculating classic FICO credit scores, an estimated 50 million consumers do not. Lenders in the mortgage, payment card, retail, telecommunications and related industries have begun using FICO Expansion scores to better control their risk when extending credit opportunities to these consumers. Lenders also can easily integrate this score into existing decision systems.

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 Here is the best part about WilliamPaid.com and the service they provide..... their parent company is the exclusive furnisher of FICO Expansion.... LOL