Nearly 50 million people in the U.S. have little or no credit rating on file with the Experian, Equifax and TransUnion bureaus, making it difficult - and even impossible - for companies to approve their applications when it comes time to lease an apartment or buy a car or even a home. Until now, these people were required to produce receipts and proof of bill payment in order to satisfy a landlord or lender’s requirements. Now, with WilliamPaid, that’s all much simpler.
WilliamPaid today announced a new bill verification capability that allows consumers to improve their credit rating with payments they’ve already made by meeting their monthly payment obligations on rent, utilities and other recurring bills.
“We’re able to research and verify payments on many recurring bills, including rent, utilities and cell phones, and report the payment history to a nationally recognized credit bureau,” explains Evan Silverman, CEO of WilliamPaid. “This can establish - or boost - a person’s credit history and helps provide a clearer picture of their financial responsibility.”
With WilliamPaid’s new bill verification service, the company will verify and report three years of payment history with packages that begin at just $14.95. Bill verification for four trade lines is available for $49.95. The company also offers an online rent payment service, which allows renters to pay rent electronically and have their current rent payments reported as well.
WilliamPaid has partnered with a nationally recognized credit bureau to report customers’ payments, which are appended to an individual’s FICO Expansion Score and help lenders confidently extend credit to consumers who are typically excluded from the traditional credit-granting process due to insufficient credit histories.
“Creating a payment history from non-traditional payment data is going to become more and more common as a result of the tightened credit market and as online bill payment continues to grow,” adds Silverman. “Doing this not only delivers accurate, verified information, but it also provides lenders, landlords and property managers with the information they need to make better informed business decisions.”
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