WilliamPaid & Building Credit
Sources of Credit Information
There are two general sources of credit information - one that gets reported to credit bureaus
and one that typically doesn't. Knowing the difference will help you build your credit report.
and one that typically doesn't. Knowing the difference will help you build your credit report.
Reported Accounts are typical loans - like mortgages or auto, student or personal loans for
furniture or appliances - that contribute to your formal credit score. Information from these
loans is regularly collected and reported by the companies that make the loans to the
credit bureaus.
furniture or appliances - that contribute to your formal credit score. Information from these
loans is 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 electricty, heat, water and other utilities (internet, phone, cable, etc.) and 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, while a good financial habit to have, doesn't help establish
or improve your credit. That is unless you use WilliamPaid to pay your rent.
don't get reported to the credit bureaus, unless payments are neglected or in collection. All your diligence in paying these bills on time, while a good financial habit to have, doesn't help establish
or improve your credit. That is unless you use WilliamPaid to pay your rent.
How WilliamPaid Helps You Build Your Credit
Background
- When a lender gets a credit report for someone that has just a 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 works with the leading provider of supplemental data, PRBC, Inc. (PRBC stands for Payment Reporting Builds Credit), to make sure that your rent payments made through WilliamPaid are included in your credit report. PRBC then provides supplemental data to the "Big 3" credit reporting bureaus: Experian, Equifax and TransUnion. Then, when a potential lender or bank "pulls your credit," it will see your rent payment history in addition to the more traditional reported accounts.
When You Set Up and Pay Your Rent with WilliamPaid:
- WilliamPaid 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 reports that information directly to PRBC through a secure data transfer. PRBC takes the data from WilliamPaid and supplements your credit file. 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, is contributing positively to that report.
