01-29-2009 08:36 PM
Hello, on today's AOL site, under "ways to help your credit report" is an article ( http://www.walletpop.com/credit/experian/8-ways-to
Thanks for your opinions.
01-29-2009 10:41 PM
I first heard about them when I randomly picked up a book while wandering around Barnes & Noble. It was a personal finance book for African-American women, I don't remember the title, and I'm white but I wanted to see what would be different, if anything (i.e., different cultural experiences leading to different problems?). The author mentioned PRBC and I wrote down the URL and went home and looked at it. Then I looked around Google for discussions about it and it seems that it's been written up in a few places. Interestingly, FICO is working with them to put together a fourth credit score, as detailed on the Fair Isaac site.
I just signed up with them recently because I want someone tracking my rent and utility payments and I know darned well the Big Three aren't going to bother.
01-30-2009 08:13 AM - edited 01-30-2009 08:16 AM
Looks like this is designed to fill a very narrow niche for potential house buyers.
The language from fico and prbc's own website indicate that it is not for rebuilding credit with the three main bureaus, but for the subset of potential house buyers who do not have a traditional credit history: credit cards, car loans, etc. This allows those individuals to show how they meet their existing obligations that are not reflected in their credit reports from the main 3.
This is not a way to repair your existing scores with the 3 bureaus, but an alternative bureau. Signing up with them is doing them a favor because they are trying to market their product to banks, etc., as another credit bureau that is a better predictor than the main 3 because it includes all the monthly maintenance bills that people have.
ETA: In addition, you can't make a potential creditor look at this information. In order to look at it, they would have to buy PRBC's product.
As a sidenote, I have heard that some employers and potential creditors are interested in reviewing this kind of information that is not included on the credit reports from the main 3, so this may be the direction we are heading anyway.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO