Williampaid.com & building credit

Reported Accounts are typical loans, like mortgages or auto, student or personal loans for furniture or appliances, which contribute to your formal credit score. Information from these loans are regularly collected and reported by the companies that make the loans to the credit bureaus.

Non-Reported Accounts is a term that describes the many regular, recurring expenses – like electricity, heat, water, and other utilities (internet, phone, cable, etc.), and especially rent – that actually don’t get reported to the credit bureaus, unless payments are neglected or in collection. All your diligence in paying these bills on time every month doesn’t help establish or improve your credit.

Background

• When a lender gets a credit report for someone that has few reported accounts and little or no credit history (known as a “thin” credit file) they look for additional data to supplement the report. Williampaid.com works with the leading provider of this supplemental data, PRBC Inc. (PRBC stands for Payment Reporting Builds Credit.) PRBC provides supplemental data on non-reported accounts – including rent payments – to the “Big 3” credit reporting bureaus: Experian, Equifax, and Transunion.

When you set up and pay your rent monthly on williampaid.com:

• Williampaid.com processes your rent payment on a monthly basis, tracking and reporting that the payments being made are made on the day you wish to pay.
  
  
• After the rent payment is processed, williampaid.com reports that information directly to PRBC through a secure data transfer.
  
  
• PRBC takes the report from williampaid.com and adds the rent payment information to your personalized credit history.
  
  
• PRBC then reports that history to the credit bureaus (Experian, Equifax & TransUnion) when it is requested to supplement a “thin” credit file.
  
  
• When your credit report is reviewed – by a lender, employer, insurance agent or whomever is making a decision about you based on your credit score – your regular, on-time history of rent payment, through williampaid.com, is contributing positively to that report.

This process results in:

• Reduced reporting errors. The payment details are captured and reported electronically to PRBC, taking any possible errors due to a manual input process out of the picture.
  
  
• Added security. Williampaid.com sends your payment information securely to PRBC after every payment is made, reducing risks that transaction data could be compromised in the mail or over the telephone or fax.

Approximately 100 million Americans have little or no credit history on file with the "big three" credit bureaus. While millions of these individuals earn steady incomes, and meet regular payment obligations, there has been no easy way for mainstream lenders to evaluate them as potential borrowers.