Rent-To-Own Credit BureauDebuts

Register now

ANNAPOLIS, Md. - (04/18/05) -- A newly created credit bureau isworking with banks, credit unions, check cashers and bill paymentservices to help renters, most of whom are not recorded with thethree credit bureaus, establish their own credit histories andprovide them with access to home ownership. PRBC Corp., whichstands for Pay Rent, Build Credit, is developing a system to helppeople with no formal credit records use their rent, utility, childsupport and other payment records help them prove they arecreditworthy. PRBC estimates that as many as 35 million Americansfrom a variety of economic backgrounds make monthly rent paymentsbut have no credit records. The year-old agency, which has beendesignated by the Federal Reserve as a 'community developmentservice,' is working with non-profit and community groups toeducate consumers about credit, debt and money management, andenroll potential clients.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER